Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water’ – WSJ.com
by Tom on October 8, 2008
in house prices
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the very misfortune that touched off the credit crisis last year.
The result of homeowners being “under water” is more pressure on an economy that is already in a downturn. No longer having equity in their homes makes people feel less rich and thus less inclined to shop at the mall.
via Housing Pain Gauge: Nearly 1 in 6 Owners ‘Under Water’ – WSJ.com.
Check out the graphic that they have showing which areas are getting hit harder than others.
Tom
