WOW!!!! 2/3 of Nevada home loans underwater?
California had the nation’s fifth-highest percentage of home loans that are higher than the value of the homes they’re financing.
According to Santa Ana-based First American CoreLogic, : 42% of all loans were upside-down, or under water, as of June 30.
That compares to Nevada, where two out of every three home loans were under water; Arizona and Florida, where about half were; and Michigan, where 48% households owe more than their homes are worth.....The combined property value for under-water loans was $3.4 trillion. That’s the total property value at risk of default.In California, the combined value of homes with negative equity was $969 billion, followed by Florida ($432 billion), New Jersey ($146 billion), Illinois ($146 billion) and Arizona ($140 billion).In numerical terms, California (2.9 million) and Florida (2.3 million) had the largest number of negative equity mortgages, accounting for 5.2 million, or 35%, of all negative equity loans.
Our nation is bankrupt.....over 15 million homes with mortgages underwater.......commercial real estate values crashing due to over building and over leverage......our second largest bank failure of the year is about to take place.....100,000,000 million Americans are living on the government dole and the government doesn't have the funds to make such payments.......credit default swaps are driving our nation into a money losing economy........tax receipts to New York are evaporating.....as well as practically every other municipality......and now the banks are about to really tighten the reigns on the economy as we reallly squeeze the nation with higher interest rates.
Whoooops.....Alstry forgot......the recession is over as we approach 9.09.
Do you really think the bankers are ever going to let you know what really just happened to you....prepare.... because if you don't know by now, you will never know.