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...already underwater on your mortgage, there's a decent chance you will be. According to a new report from Deutsche Bank, up to 25 million American homeowners could eventually owe more than their house is worth. That would account for 48% of all mortgage holders...
...first time we've heard exceptional numbers on upside-down borrowers. First American CoreLogic figures there were already 11 million homeowners in that position at the end of last year, and Moody's Economy.com estimates we had reached 15 million by the end of March. The Deutsche Bank projection assumes that house prices nationwide will drop an additional 14%. That forecast is starker than most, and if it doesn't come to pass, the problem of underwater borrowers won't be nearly as severe. (See how Americans are spending...
...Deutsche Bank report adds another wrinkle. So far, the highest rates of underwater borrowers have been found among those people with subprime, Alt-A and option-ARM loans. These loans, often sold to people with low credit scores or those stretching to afford a house, were largely peddled at the height of the boom and therefore often correspond to home prices that had nowhere to go but down. However, according to Deutsche Bank's projections, a second wave of upside borrowers is about to hit, and this time prime borrowers will account for the bulk...
...that doesn't mean there aren't grim pockets elsewhere. By the end of March 2011, Deutsche Bank projects, 65% of borrowers in the Chicago metro area, 71% of those in the Baltimore and Portland, Ore., areas, and 77% in greater New York City will be underwater. On paper, that might look a lot better than the 93% Deutsche Bank is expecting for Fort Lauderdale, Fla., and the 92% figure for El Centro, Calif. But to the people living in those houses, unable to move, the relative good fortune will likely be little consolation...
...Atomic Anne" along the way - has dangerously overreached. "Areva had built a big lead and a lot of momentum coming into this nuclear renaissance, but the various problems it has encountered, and advances by its competitors, are eating that away," says Alex Barnett, equities analyst in Paris for investment bank and brokerage Jefferies. "No one ever thought Areva was going to be the only player in this, but it needs to respond to remain the dominant force...