Underwater Mortgages Go More Underwater, Miami and Phoenix Hit

[marmar]

from 24/7WallStreet:



Underwater Mortgages Go More Underwater, Miami and Phoenix Hit
Posted: November 8, 2011 at 4:57 pm


The number of underwater mortgages in the U.S. increased again in the third quarter. That makes sense because by most measures home values have fallen throughout the period. It also confirms that widely held belief that housing prices may not return to 2006 levels for many years.

Research firm Zillow reports that:

A lower rate of foreclosure liquidations coupled with relatively flat home values caused negative equity to rise in the third quarter with 28.6 percent of single-family homeowners with mortgages underwater, compared to 26.8 percent in the second quarter.

Most of the cities with the highest level of mortgages that are underwater are on many lists of regions troubled by the housing disaster.

In the Miami area, 47% of the mortgages are underwater. The figure is 66% for Phoenix. Sacramento underwater mortgage level is 51%. ...............(more)

The complete piece is at: http://247wallst.com/2011/11/08/underwater-mortgages-go-more-underwater-miami-and-phoenix-hit/#ixzz1dDP90B3e

[lonestarnot]

1. It's going to blow again unless someone does something.

:(

[Shagbark Hickory]

2. I did recently hear some encouraging news out of miami

That they've started filling up those condos that that had so many of.
Through renting and selling to buyers from overseas