February 22, 2013
BUT THAT'S NOT WHAT HAPPENED TO ED DOWN THE STREET!:
Fewer Americans are stuck in underwater mortgages (Alejandro Lazo, February 22, 2013, LA Times)
Nearly 2 million Americans got out of negative equity positions as home prices rose last quarter, according to new estimates. [...]"Underwater" homeowners -- those who owe more on their mortgages than their homes are worth -- have played a counterintuitive role in the housing market's recovery, helping boost home prices in an unexpected way.Rather than walking away from their properties en masse, many of these borrowers have continued paying their home loans, even when they are stuck in high-interest-rate loans.As foreclosures have eased, for-sale inventory has plummeted. In many markets, the level of competition for a home is now so severe, it's reminiscent of the bubble days.
Swimming, not drowning.
Posted by Orrin Judd at February 22, 2013 6:43 PM