Hate to be the bearer of such negativity but these mortgage numbers are staggeringly poor: http://articles.moneycentral.msn.com/Banking/HomeFinancing/24-percent-of-mortgages-underwater.aspx The other thing to consider is that while my home doesn't add to the 39% of Michigan homes "underwater" I am in a very depressed equity situation and in a position of having to sell at that low price position due to relocation. If you factored in those homes "just above water" I'm sure the total just above or below in Michigan would be well over 60-70%.
Still doing ok in Texas, but not like when Oil was 120/barrell. Some say that if Israel goes after Iran that Texas will be back in the pink as oil will shoot up to 150$ a barrell.
Why would Israel go after Iran. Isn't Obama going to talke them into being good? Oh wait, it isn't his fault it'......
Last weeks "This Old House, Roxbury Project" ran a segment on the real estate market in Ft. Meyers. Pretty interesting, they hooked up with this one saleman who ran bus tours of foreclosures and also at one point in the tour he gets you on to a boat to view the properties from the canals. All of the properties were 50% of their selling price in 2005. Some of the people on the tour were retirees looking to get out of their condo into a home at a bargin, some were investors looking for good deals, and some were people who said the old prices were ridiculous and they were priced out of the market and feel that things are now where they should be. Unemployment in Ft. Meyers is said to 13%. Another interesting thing, almost 100% of the foreclosed homes had all the appliances removed by the foreclosed owners. I guess it makes sense, but I never thought of it that way.
Foreclosed homes and beat down prices are only good for those non-homeowners who have been saving up to buy a house. For the sell and buy crowd it's a miserable catch 22 that isn't very fruitful unless you are planning to downsize by 2/3 .