More Homeowners Owe More Than Their Homes Are Worth
A new report shows U.S. home values dropped nearly 10 percent in the second quarter, leaving almost one-third of homeowners who bought in the last five years "under water" on their mortgages. The second quarter is the sixth consecutive quarter of home value declines and we see little promise of turnaround in the short-term as the rates of decline have yet to slow and, in fact, actually accelerated in many markets. One in four homes sold in the past year was for a loss and foreclosed homes accounted for 50 percent of all home sales.
http://fsbo.fizber.com/2008/08/13/mor...