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...This isn't the 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...
...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. As of the end of March, the bank estimated that 16% of prime borrowers with conforming loans were underwater. By the end of March 2011, some 41% are projected to be. And about half of those are expected to owe at least 25% more than their house's value...
...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...
...including cash for clunkers. Certainly, efficiency is an important goal - a new report from McKinsey & Co. found that the U.S. economy could save $1.2 trillion through 2020 by investing $520 billion in various efficiency investments - and encouraging the switch to less wasteful cars is smart policy. But unless we end the era of cheap gas too, those savings will go down the drain...
...cold temperatures aren't the only reason for the fluctuations. Most of us spend less time in the sun during the winter, and that means we can end up vitamin D-deficient, leaving us vulnerable to any number of infections. And spending more time indoors can also put us in the line of infection for the flu, particularly if we share enclosed spaces with others. School is in session during the fall and winter in the northern hemisphere, and classrooms are excellent vectors of infection for all illnesses, including the flu. (Read "Think H1N1 Is Bad Now? Wait Till...