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Natureboy1 year ago

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The headline is somewhat misleading on this one.

The 60 percent refers to people who are "upside down" in their mortgages, owing more than the house is currrently worth. They are not necessarily "in danger of foreclosure" unless they have problems making payments.

Knowing that this is a phenomenon of the market, and will likely right itself in a few years, they would be wise to hang on and do what they have to do to make payments.

I lived in Phoenix for a little over a decade, and sold the home we moved into for more than twice what we paid for it. Part of that was cashing in on the housing bubble before it popped, but a LOT of it was simply sweat equity - putting in tile floors, better fixtures, remodeling, painting, landscaping.

So one cure for an upside-down mortgage might be an aggressive plan for home improvements.

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  altnrg1 year ago
  
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  You have a point regarding the title, perhaps I should have added "at risk" before "facing foreclosure" because when people are in state of upside-down mortgage the option of selling and cover their mortgage is "taken" from them.
  
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