Economic Report: Twenty Percent Of U.S. Home Mortgage Holders Owe More Than Homes Are Worth

[Omaha Steve]

http://www.laborradio.org/node/11142

Economic Report:

A recent study suggests 20 percent of U.S. homeowners owe more on their mortgage than their homes are worth. The result, according to an article this weekend in the Wall Street Journal is more homeowners “underwater” making it difficult to refinance, sell their homes, or take advantage of lower interest rates. According to zillow.com 20.4 million borrowers were “underwater in the first quarter, up 4.1 million just one quarter prior.

[proud patriot]

1. egads

X(

[nolabels]

2. The only reason it is not worse because many people realize it's not the time to sell

People in the housing industries (who are still left) understand there will eventually be somewhat of a pent up demand even when the pricing floor gets reached. That will be when their business gets going again.