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NEW YORK (CNNMoney.com) -- At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday.

In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.

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http://money.cnn.com/2008/10/30/real_estate/underwater_borrowers/index.htm?cnn=yes

Damn.

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Educators destroy your brain,
but you don't know, so why care?
Fagotto

This is how the rich get richer.

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Too blunt your knife to slay this dreamer
-The Gathering, A Life All Mine

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Yep, my friend's dad wants to buy a 1.2 million dollar house because he can get it for a lot less than that. And he says that once the economy comes back, he'd sell it and make a profit.

This is how the rich get richer.

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Capitalism is so grand, isn't it?

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We're falling fast.
I used to be scared, denying who I was

As for buying houses. Yes, it is a great time to buy.......if you can come up with at least 10% down and prolly closer to 20% on a non owner occupied house. 100% is gone and will be gone for at least 5 years. As well as HELOCS and other equity instruments.