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from Local Attorney, Michael H. Wasserman

Thursday, August 21, 2008

Gloom and Doom Report of the Day

Zillow reports that: 29.1% of homeowners who purchased in the past five years are currently underwater on their mortgages (i.e., owe more on the mortgage than the house is worth). We also reported that almost half (45%) of those that bought at the national market peak of 2006 currently have negative equity. Nearly 14% of all single-family homes in the U.S., regardless of when they were bought, are currently in negative equity.

Read more (if you dare) here.