We’re living that nightmare right now. Real estate data firm CoreLogic reports that nearly a fifth of us owe more on our homes than they’re actually worth. For those who figured that there wasn’t a problem using a house as collateral to take out second mortgages and home equity loans, that figure bumps up to a spooky 38% of us underwater.
via (LEN).
Real estate investors will outnumber traditional borrowers 3 to 1 during the next two years, a new survey says, helping clear millions of repossessed properties from banks’ books and pave the way for a recovery.
via - latimes.com.
As home values continue to tank, and cautious buyers continue to sit on the sidelines, a growing number of financially pinched homeowners — reluctant to sell their home at a loss – are choosing instead to rent their properties
via Zillow News.
The problem is that most sellers will try to hide their motivation and will not give you a good price when they first talk to you on the phone.
via biggerpockets.
“I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”
via The Big Picture.
Americas biggest mortgage servicers are closing in on a deal with federal and state officials to settle some of the thorniest foreclosure fiasco problems — including the robo-signing issue,
via NYPOST.com.
Donovan take[s] an anti-investment position as he separates them from homes of primary residence and alludes to homeownership almost as a right, also alluding that real estate investment homes are subject to being rejected as less than worthy.
via agentgenius .
