Is America Under Water?
A new report release by First American CoreLogic, stated that as of the end of December 8.3 million U.S. mortgages, which equals 20 percent of all properties with a mortgage, were in a negative equity position.
Unbelievably enough, in the Sacramento area nearly 40% of homeowners that have a mortgage are actually upside down. There are actually 178,163 people that could not sell or refinance their home without bringing money to the table.
First American CoreLogic further reported that 700,000 borrowers across the nation fell into this position in the last quarter of 2008. The worst part yet is that there are 2.2 million mortgages that are approaching this position, which would leave 1 in 4 homeowners with a mortgage under water.
Tags: negative equity
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