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One in four borrowers underwater
Tuesday, November 24, 2009
Splashed across the front page of today's Wall Street Journal is this story about how almost 11 million homeowners in the U.S. - nearly one-quarter of all homeowners with mortgages - now owe more than their house is worth.
Also, the very cool interactive graphic shown below along with a sortable table is well worth poking around at a little in order to learn more (not here, at the WSJ).
For example, if you follow the link above and then click atop the right-most column, you'll find that Nevada homeowners, as a group, have a loan to value ratio of 114 percent and a net homeowner negative equity of almost $15 billion!
While Nevada is the clear leader in negative equity share (i.e., percent of mortgages that are underwater at 65 percent), Georgia leads the nation with the highest percentage of mortgages in "near negative equity", defined as within 5 percent of negative equity.
5 comments:
I liked the part about how they recently changed their methodology, or it would have been 33%!!!
Off topic, should you change the subtitle of your blog to "How 21 years and counting of easy money have changed the world"
Homes should be places to live, not investments. Constant inflation drove most people to homes as inflation hedges. This has led to a shortage of capital to enhance productivity, and ever more debt.
Constant inflation is a stupid national policy. Let CPI prices fall as productivity improves. Let the free market set interest rates. Central planning doesn't work.
Just stop printing.
Re: Off topic, should you change the subtitle of your blog to "How 21 years and counting of easy money have changed the world"
I thought about somehow adding "And how Ben Bernanke is making it even worse".
We'll see.
We are printing money while America burns. I think by the time 2012 rolls around, we will see the National Guard on Wall Street protecting the bankers against the angry mob. We have sold our souls to collective greed and The US Empire is declining as we speak. Do we have anyone in Washington with an original idea? God Save America cause our elected Choosen Ones don't have a clue.
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