-- Posted by Micus at 6:27 am on Oct. 31, 2008 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. http://money.cnn.com/2008/10/30/real_estate/underwater_borrowers/index.htm?cnn=yes Damn. -- Posted by Lulamae at 6:31 am on Oct. 31, 2008 In my dad's words, "This is the time to buy another summer home, how's Charleston sound?" -- Posted by liv21 at 6:36 am on Oct. 31, 2008 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. -- Posted by Catacomb at 6:38 am on Oct. 31, 2008 global warming AND financial crisis? -- Posted by jamesish at 6:51 am on Oct. 31, 2008 Quote: from liv21 at 9:36 am on Oct. 31, 2008 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. Capitalism is so grand, isn't it? -- Posted by scalywag66 at 7:21 am on Oct. 31, 2008 Perfect example of what happens when you get unknowldegable dummies driving the housing market. I tell you, the realtors are very much to blame. Most are blathering idiots and none I met understood the economic ramifications of what they were allowing to happen when they pumped home prices up. Granted, somebody could give the supply/demand arguement but tell me that 10%+ appreciation didn't strike some realtors as odd and unsustainable. 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.