Word: owe
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Dates: during 2000-2009
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Boemio specializes in short selling, in a particularly Vegas way. Basically, she finds clients who owe more on their house than the house is worth (and that's about 60% of homeowners in Las Vegas) and sells them a new house similar to the one they've been living in at half the price they paid for their old house. Then she tells them to stop paying the mortgage on their old place until the bank becomes so fed up that it's willing to let the owner sell the house at a huge loss rather than dragging everyone through...
Selling their old place still won't be easy. A smattering of opportunistic buyers - while a good start - doesn't unlock an entire market. Thanks to falling home prices, some 20% of mortgage holders nationwide owe more than their house is worth. Many of them are trapped, unable to move - to resettle in Boise, say, and buy the Judges' old house...
...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...
...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...
...strategic plan titled "Seventh Generation," which plays off an Iroquois Nation concept that every decision in the present must consider how it will impact people seven generations down the line. "It's hard to maintain this thinking when you're dealing with a boom-and-bust cycle, but we owe it to the public to find a way," she says...