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This is probably an exaggeration of reality, but if anywhere close to true then watch out below!
http://www.bloomberg.com/apps/news?p...d=a3uzhDOF9FXI
Given mortgage debt went from 6.036T in 2002 to 6.885T in 2003, and to 9.861T in 2006, I think it is safe to say that cumulative losses to date in housing are well into the trillion dollar range, with at least $1T in mortgages underwater.
Ouchie!
http://www.bloomberg.com/apps/news?p...d=a3uzhDOF9FXI
Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com, an Internet provider of home valuations.
For those who bought at the 2006 peak of the housing market, 45 percent are now underwater, Zillow said.
The highest percentages of homeowners with negative equity were located in California. In four of the state's metropolitan areas -- Stockton, Modesto, Merced and Vallejo-Fairfield -- the number of homeowners whose mortgage debts exceeded the values of their properties topped 90 percent, Zillow said.
In five more California areas -- the Inland Empire (Riverside-San Bernardino), Bakersfield, Yuba City, El Centro and Madera -- the percentages were more than 80 percent.
In five more California areas -- the Inland Empire (Riverside-San Bernardino), Bakersfield, Yuba City, El Centro and Madera -- the percentages were more than 80 percent.
In Stockton and Modesto, more than half the sales in the second quarter were of foreclosed homes, Zillow said. Almost 15 percent of sales nationwide were foreclosures, the company said.
Prices fell on a year-over-year basis in 140 out of 165 markets, Zillow said. Pittsburgh, Oklahoma City and Austin, Texas, were among the markets that saw rising home values, the company said.
Prices fell on a year-over-year basis in 140 out of 165 markets, Zillow said. Pittsburgh, Oklahoma City and Austin, Texas, were among the markets that saw rising home values, the company said.
Ouchie!
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