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23 Nov 09

Underwater Borrowers with Good Credit are Likely to walk out from Underwater Mortgage

Borrowers with Good Credit are more likely to walk of a home that is underwater, even though it will wreck their credit.

www.dsnews.com/...-strategic-defaults-2009-09-29 - Preview

mortgage foreclosures underwater

The Experian report looked at 24 million U.S. credit records and found that borrowers with the highest credit ratings are 50 percent likelier to strategically default than lower-rated homeowners. The defaultees often have no adverse credit history, going from a record of perfect payments to no mortgage payments at all.

14 Aug 09

Underwater Mortgages to Skyrocket by 2011

Nearly half of all US households with mortgages could owe more than their homes are worth by 2011 according to the Deutsche Bank.

www.realtor.org/...News2009081102 - Preview

Foreclosures Underwater

Underwater Mortgages to Skyrocket by 2011

A new report by Deutsche Bank estimates that by 2011 nearly 50 percent of U.S. home owners with mortgages will owe more than their homes are worth.

This estimate of 25 million borrowers is significantly higher than similar calculations by other economic and real estate analysts. For instance, Moody’s Economy.com projected that 17.5 million will be underwater by early 2010.

Currently, about 26 percent of home owners choose to walk away from their mortgages because their equity falls short of what they owe, according to a report by Paola Sapienza, a finance professor with Northwestern University
Not everybody agrees with Deutsche Bank’s analysis.

Tom Lawler, a well-respected independent housing economist, wrote that given the recent increase in home sales in many areas, “there is absolute[ly] no doubt that the DB ‘model’ forecast will show a huge miss to the down side on home prices.”

11 Aug 09

23% of US Homes Underwater

23% of US Single Family Homes are Under Water According to Zillow. Median home values is down 22% since its peak. Home value declines have slowed down though.

www.inman.com/...-seen-nearly-1-in-3-june-sales - Preview

home values declines foreclosures underwater

29 percent of homes that changed hands in June sold for less than their owner originally paid
At $186,500, the median home value was down 22.3 percent from its peak