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Diminished home values are putting 1 in 4 mortgages underwater.

Not Out of the Water, Yet

 
Although many upbeat indicators suggest that emergence from the recession is well underway, a seemingly equal number of findings warn us that we're not out of the woods -- or water -- just yet.

The latest on the bad news side of the scale comes from CNN's Money section. The report declares that 10.7 million homeowners are stuck with properties that are valued at less than what is owed. That's 1 in 4 "underwater" mortgages.

What does this mean? We may see a high rate of foreclosures to continue into the foreseeable future.

The states with the highest rates of underwater mortgages were Nevada, Arizona, Florida, Michigan and California.

For the optimistic outlookers, there's hope that the rising home value trend will buoy many at-risk homeowners above the "waterline." I'll hop aboard that ship...or any that stays above water, for that matter.

Are you seeing a lot of foreclosures in your area? Tell us.



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home foreclosures

12/02/2009 01:46 PM 63amysue

We to have a rental property in Fla. and hanging on. I would think that when it's time for renewal of the contract the renters will want to reduce the rent or I''ll move out deals. It is because rents are going down. Praying it won't happen and the renter will stay the same with these people in it. They are taking good care of the place.

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