House Underwater, negative equity, and upside down house all translates to the same meaning; a homeowner now owes more on their mortgage than their house is worth. In the state of Georgia 23 percent of all mortgages are listed as “underwater.”With prices of houses notably lower than they were at the peak of the market, homeowners are struggling to make payments and/or sell their house. This often leads to foreclosure. According to a study of 10 major metro areas by First American CoreLogic for USA TODAY, a typical borrower who is “underwater” will not see positive gains in equity until 2015 to 2020.
To think about what “house underwater” means in literal terms, view the following chart:
No comments:
Post a Comment