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Almost 25 Percent of U.S. Homeowners Owe More On Mortgage Than Value of Homes
Almost a quarter of U.S. homeowners now owe more on their 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.
About 21.8% of all owners were underwater as of March 31, according to a report today (Wednesday) by Zillow.com, a Seattle-based real estate data service. That figure is up from 17.6% at the end of the fourth quarter of 2008, as prices of homes continued a downward slide from their 2006 peak.
Home values dropped by $2.4 trillion last year, First American CoreLogic said in a…
7May2009 | Money Morning | 0 comments | ContinuedFinancial Reality Will Sound a Wake-Up Call for the Federal Reserve and the American Dream
In holding overnight rates steady at 2%, the U.S. Federal Reserve once again put forth its belief that, despite a cascade of horrific financial data, the economy is likely to continue to grow slowly and that inflation would moderate.
Although wrong on both counts, this view is consistent with the relative optimism that prevails across the country. After nearly two decades of an uninterrupted consumption binge, most Americans simply refuse to believe that anything can seriously derail the American economy. It’s a pleasant dream, but the wakeup call can’t be too far off.
The benign outlook on inflation is rooted…
13Aug2008 | Money Morning | Comments Off | Continued
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