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Posted by: nostalgia 1 year ago
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nostalgia1 year ago
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"An estimated 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada owe mortgages to banks more than the market value of their properties."
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That's what happens when prices escalate as quickly as they did in some areas
The housing bubble needs to be deflated otherwise many people won't be able to afford homes without creative financing
FTA: "builders continue to put up new homes while buyers give only small, and sometimes, no down payment"
This must change. With little or no money down, "buyers" are more like renters and it is very easy to walk away from the house they bought - they have nothing invested.
The Jumbos are due to reset in 2009 and 2010. It is only going to get worse before it gets better
"prospective borrowers are having difficulty with increasing mortgage rates. A fixed-rate mortgage of 30 years has an averaged of 6.46 percent"
6.46% is nothing compared to rates we have seen in the past
There was a time when people would have jumped at a mortgage rate of 6.46%-
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Klarissa1 year ago
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It does not necessarily mean foreclosure because your house loses value, just like you don't automatically have money in your pocket when the price goes up.
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If you could afford the mortgage when you bought it you should be able to afford it now.-
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JEBUS081 year ago
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i was actually lucky - we finished our basement last winter, and then refinanced - our house really is not worth what we refinanced at - nice to know a banker - or we would be hosed, not foreclosed - interesting, because when i talked to her she had a client refinance a new 450k after renovations, re-appraisal was at 350k, thats how that screws people- i had a small 2bed 2bath 1100sft for under 200k, and now 3bed 2.75bath for 205 - moral of the story its the rifanance that screws the person - imagine you are the 450k, no bank will re-fi which is what leads to the problem - i guess at 450 it might be a problem worth having, nonetheless, they got hosed throuht re-apppraisal, and its too late after the appraisal when the ball is rolling
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