South Florida Real Estate Blog - Updates & Realty News

PAUL KANGAS: Falling home prices have left some 16 million people owing more on their mortgages than their properties are worth. That negative equity situation is called being underwater in the home. And as Stephanie Dhue reports, until home prices stabilize, more mortgage holders will be drowning in debt.

STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Realtor Tony Arko sees first hand what negative equity does to homeowners. He says for many it has put an end to the idea of moving up.

TONY ARKO, MARKET ADVANTAGE REAL ESTATE: We're also seeing a lot of people who would have normally sell their property holding on to it or renting it out, so now there are a flood of rentals on the marketplace, suppressing the rental market.

DHUE: Renting isn't always an option for owners who are underwater. Some people can't afford to keep making payments, don't qualify for a loan modification and rarely have the cash to make up the loss in a sale. That puts them in a tight spot.

ARKO: Really there's two options, if they have to sell, it's either selling it short or turning the keys over and going to foreclosure. Those are really the only two choices because cutting a check for $100,000 is just not an option.

DHUE: Nationwide, Deutsche Bank predicts more homeowners will be pulled underwater. Twenty seven percent of mortgage holders find themselves in that position now. But that number could climb to nearly half before prices stabilize, which Deutsche Bank expects will happen in 2011. Research director Karen Weaver says distressed properties aren't the only thing dragging prices down. complete story

Source: PBS.org

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Posted by Real Estate - Associates on November 11th, 2009 11:39 AMPost a Comment (0)
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