I know this news is somewhat old, but I just read a post by Lenn Harley that somewhere between 25-33% of homeowners in America are under water.
One third of the countries property owners have a problem with their mortgage.
It is unfortunate, and Lenn does a good job of detailing the spiral. But it started with a bubble burst, which cascaded to large scale credit problems, much stiffer lending requirements, and basically shutting out a very large percentage of home buyers from being able to buy homes any time in the near future.
Have you been hit by this? Let me know in the comments section below.
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