27 million believe home is underwater

[MarketNeutral]

Despite what looks like a potential housing recovery, albeit a fragile one, 27 million believe they owe more on their mortgages than what their homes are currently worth, according to a poll from Harris Interactive.

Of the survey respondents who have a mortgage, 24 percent said they believe their home is worth-less than what is owed on the associated mortgage(s), with about half saying “a lot less.”

And 26 percent of those homeowners are having a “great deal of difficulty” paying off the mortgage, which could mean strategic default if they’re unable to snag a loan modification.

That would add to the shadow inventory and weigh down home prices and a possible turnaround, and let’s not forget homeowner sentiment is likely overly positive.

In reality, many more are probably upside down on their mortgages or just breaking even, and with many not promised positive equity until 2015, we may see more opting to walk, especially in the hardest hit areas.

Back in February, First American CoreLogic said a staggering 70 percent of Nevada mortgage properties were underwater, with similarly elevated numbers in Arizona (51%), Florida (48%), Michigan (39%), and California (35%).

The Harris survey is based on responses from 2,320 adults between March 1 and March 8, 2010.
http://www.thetruthaboutmortgage.com/wp-content/uploads/2010/04/worthless.jpg

[Book]

http://blog.sellsiusrealestate.com/wp-content/underwater-hime-mortgage.gif

[Horn]

Linky stinky? :whip

[mick silver]

your a load of info thanks M N

[MarketNeutral]

Sorry when I posted the image I over write the link:

http://www.thetruthaboutmortgage.com/wp-content/uploads/2010/04/

Now with the enhanced smileys the message area is only 11 lines. if the content is larger then the 11 line message area then the text bounces up, down and the cursor jumps to a random location earlier in the text.

Quoting to a post that is larger then the 11 line message area - forget about it. It is an abortion attempt gone horrible wrong.

It is getting very frustrating to use this forum and I don't have the time/patience to keep redoing formatting over and over because I can't control the cursor location. I.E. MN will not be posting new materials anymore. Going into full time lurker mode starting...

[jetgraphics]

Psst - use adblock to shut off animated smilies... (if you use Firefox)

Re: Underwater.
Since most folks understand what "underwater" means, with respect to a mortgaged home, I can feel confident at showing that most Americans are at the ocean floor, figuratively speaking.

The national debt, over 12 trillion DOLLARS, is an obligation (like a mortgage) of the United States government -and- the 300 million "human resources" via FICA / Social Security.

By law, that 12 trillion DOLLAR debt computes to at least 600 billion ounces of gold, stamped into coin.

The estimated world supply of above ground gold is 5.5 billion ounces.

ALL ENUMERATED AMERICANS owe a sum of gold 100 times greater than what is available.

That's REAL UNDERWATER.

And it is by CONSENT.

Now, don't you all feel better?

[MNeagle]

It is getting very frustrating to use this forum and I don't have the time/patience to keep redoing formatting over and over because I can't control the cursor location. I.E. MN will not be posting new materials anymore. Going into full time lurker mode starting...





Nooooo! :boohoo Post!!! :boohoo

[Ponce]

No matter the cost when you bought a house it became your home, specially if you have a family and you are still able to pay your mortgage.

[1970 Silver Art]

There might be some good ideas on the following thread to get around that:

http://gold-silver.us/forum/index.php?topic=1543.0



Sorry when I posted the image I over write the link:

http://www.thetruthaboutmortgage.com/wp-content/uploads/2010/04/

Now with the enhanced smileys the message area is only 11 lines. if the content is larger then the 11 line message area then the text bounces up, down and the cursor jumps to a random location earlier in the text.

Quoting to a post that is larger then the 11 line message area - forget about it. It is an abortion attempt gone horrible wrong.

It is getting very frustrating to use this forum and I don't have the time/patience to keep redoing formatting over and over because I can't control the cursor location. I.E. MN will not be posting new materials anymore. Going into full time lurker mode starting...

[sunshine05]

MarketNeutral - your posts are more important than the smileys! Hopefully they will remove some of them. I don't always comment on your posts but I read most of them and they are very informative.

[mick silver]

MarketNeutral - your posts are more important than the smileys! Hopefully they will remove some of them. I don't always comment on your posts but I read most of them and they are very informative.
i second that keeps the post coming

[jetgraphics]

No matter the cost when you bought a house it became your home, specially if you have a family and you are still able to pay your mortgage.


Your conclusion is not supported by law. Since 1933, most Americans have not absolutely owned their homes, for failure to alienate title with lawful money.

"PRIVATE PROPERTY - As protected from being taken for public uses, is such property as belongs absolutely to an individual, and of which he has the exclusive right of disposition. Property of a specific, fixed and tangible nature, capable of being in possession and transmitted to another, such as houses, lands, and chattels." - - - Black's Law dictionary, sixth ed., p.1217

"OWNERSHIP - ... Ownership of property is either absolute or qualified. The ownership of property is absolute when a single person has the absolute dominion over it... The ownership is qualified when it is shared with one or more persons, when the time of enjoyment is deferred or limited, or when the use is restricted. " - - -Black's Law dictionary, sixth ed., p. 1106


"ESTATE - The degree, quantity, nature and extent of interest which a person has in real and personal property. An estate in lands, tenements, and hereditaments signifies such interest as the tenant has therein." - - -Black's Law dictionary, sixth ed., p.547

INTEREST - ...More particularly it means a right to have the advantage of accruing from anything ; any right in the nature of property, but less than title.
- - -Black's Law dictionary, sixth ed., p. 812

LAND. ... The land is one thing, and the ESTATE in land is another thing, for an ESTATE in land is a time in land or land for a time.
- - -Black's Law dictionary, sixth ed., p.877

Land purchased with FRNs, is not private property, but estate (real estate). It is a privilege, subject to taxation and restriction. The owner(s) only have an interest that is less than title to the property.

TITLE - "The formal right of ownership of property..."
Black's Law dictionary, sixth ed., p.1485

TITLE -...A shorthand term used to denote the facts which, if proved, will enable a plaintiff to recover possession or a defendant to retain possession of a thing.
Ballantine's Law Dictionary, p. 210

What facts establish title ?
1. Right to own (legal age, unencumbered)
2. Alienated title with lawful money *(uh oh)
3. No superior claim exists (d'oh!)

In short, private property ownership is a right secured by government.
Estate ownership is a privilege granted by government - for a fee.

[Horn]

Sorry when I posted the image I over write the link:
Quoting to a post that is larger then the 11 line message area - forget about it. It is an abortion attempt gone horrible wrong.



Thanks for the link, and yes there are some rather large smiliey guys taking up too much area.

:boom <---- I like this guy, though

:ROFL: <----too fat

:citeplz<--- useless on this forum :)

[Horn]

Going into full time lurker mode starting...



http://www.youtube.com/watch?v=wPzY30v9mtg

[saint]

MN - where are u man?

Come out of hiding.

ST

[Ponce]

By MN = what looks like a potential housing recovery

And when did this happen? ........housing recovery my left foot........

[1970 Silver Art]

By MN = what looks like a potential housing recovery

And when did this happen? ........housing recovery my left foot........


If you blinked, then you missed the housing "recovery". :ROFL:

[ximmy]

with 26% having a hard time paying it won't take much for them to default when housing prices have not stabilized (reached bottom) and won't for at least another 6 years... good times ahead... :o