Homeowners: Is your mortgage upside down?
Just heard on the local Orlando news: 54% of those who have mortgages on their homes owe more than their house is worth. They are 'upside-down.' That astounded me! I knew it was bad here, had no idea it was so terrible.
In Florida, the statewide percentage is 46. Nationwide 31%. Doesn't look like the situation will get better anytime soon. I'm predicting another 3-4 years before the housing market stabilizes. And property values will never reach the over-inflated values they were 5 years ago.
I know of a young family that simply walked away from their home. So far unside down, they couldn't find a way out. Refinancing would not have helped. So sad for those in this situation - not all buyers are to blame for over-extending.
Anyone here in that situation? Or know someone who is?