Word: mortgagees
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The New Normal Now, there are signs in some places that we are nearing an end to the downward spiral that reduced house prices 32% nationwide and, according to the Mortgage Bankers Association, erased $3.5 trillion worth of home equity. New-home sales are ticking up, and for the first...
Part of that return to normal is driven by a return to reasonable lending: people aren't buying more than they can afford to because banks won't let them. When the Robertses first met with mortgage planner Iva Deobald last year, she told them to go away, pay down...
None of this means everyone's happy. In fact, one of the ways in which Boise reflects a return to local logic is the city's rising foreclosure rate. It hasn't been tricky subprime and Alt-A loans tripping up the folks in Idaho; it's been the flailing...
If you're not 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.
The problem is already massive. When the value of a house is less than its mortgage, a homeowner can't sell and pay off his debt. If a house becomes unaffordable - because of job loss, say, or an adjusting mortgage interest rate - the homeowner is trapped. Underwater borrowers are more...