Americans Drowning!!!!!!!!!!!!!!!....FU Pandemic Stage RED!!!!!!!
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.
The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.
Real-estate Web site Zillow.com said that overall, the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter from 16.3 million at the end of the fourth quarter. The latest figure represents 21.9% of all homeowners, according to Zillow, up from 17.6% in the fourth quarter and 14.3% in the third quarter.
In a number of cities, the number of homeowners underwater is 40%!!!!!! 40%!!!!!!!!!!!!!!!!!!!!
Good luck trying to refinance your home or sell it in the current environment. Last year, the fewest number of Americans moved in 60 years in large part to being trapped in their homes and unable to sell.
The FU virus is now really spreading at a historically unprecedented rate. At this point, one in five homes in America are underwater on their mortgages....as millions more lose their jobs and millions of homes go back the banks in foreclosures.....there is no bottom to how low prices can go....
In a number of distressed cities right now.....there is exploding inventory and homes can't move at practically any price......there are thousands of homes in Detroit under $10K and sitting.
DWOT shows us this morning that profits have evaporated. Alstry shows that the number of Americans underwater in their mortgages is growing parabolicly. Credit card defaults have now crossed double digits. First time unemployment claims still persistently above 600,000 PER WEEK. Foreclosures at record highs and business failures likely to explode in the months ahead.
If you think its bad now......just wait until this Fall..........
The water is rising....you may want to go to higher ground or find a life boat.
Save, Pay Down Debt, get a little metal, and be one of the Best CAPs players while surfing the Tsunami if you choose......just watch little Deej trying to catch Alstry.....the little padawan is doing a good job hanging in there......I am proud of him.