Cheaper Housing coming to the US!

Steve_A · 11-24-2009, 03:26 PM

Hi Everybody,

Don't get too excited. There's always a negative side to a positive headline.
It has been revealed that 23% of US homeowners owe more on their mortgage than the value of their home. This could just be the begining. What the numbers don't show are all the people who are close to this happning to them, who in a couple of months down the road, with the depression that will come for house prices, they will find themselves in the same position.

The tendency is for these people to walk away, thus creating a huge glut of second hand homes on the market and consequently depressing the house prices even more. As to how far this will go, I'm not too sure, but I reckon there will be some basement bargains coming on to the market soon.

Best regards,

Steve

11-24-2009, 03:26 PM	#1
Steve_A Project Avalon Moderator Join Date: Sep 2008 Location: Northeastern Brazil Posts: 1,259	Cheaper Housing coming to the US! Hi Everybody, Don't get too excited. There's always a negative side to a positive headline. It has been revealed that 23% of US homeowners owe more on their mortgage than the value of their home. This could just be the begining. What the numbers don't show are all the people who are close to this happning to them, who in a couple of months down the road, with the depression that will come for house prices, they will find themselves in the same position. The tendency is for these people to walk away, thus creating a huge glut of second hand homes on the market and consequently depressing the house prices even more. As to how far this will go, I'm not too sure, but I reckon there will be some basement bargains coming on to the market soon. Best regards, Steve