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04 Feb 2010 10:10

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Biz, U.S.: Many homeowners choosing to give up on their worthless mortgages

  • Since the beginning of December, I’ve advised 60 people to walk away. Everyone has lost hope. They don’t qualify for modifications, and being on the hamster wheel of paying for a property that is not worth it gets so old.
  • Scottsdale, Ariz.-based mortgage broker Steve Walsh • Regarding the depressing, sad state for many homeowners – many who giving up on their homes due to mortgages that cost more than the homes are actually worth. 4.5 million homeowners have homes that are worth just 25% or less than the cost they paid. Many are choosing to foreclose rather than stay stuck in a property they don’t want. source
Posted by Ernie Smith • 0 Comments • Permalink

23 Dec 2009 13:33

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U.S.: With no housing boom, people are leaving Florida and other states

  • What we have is a decade of a roller coaster in terms of migration. If you look at the middle part of this decade, Florida led the country in net domestic migration. Now it’s in the negative part of the ledger.
  • Brookings Institution demographer William H. Frey • Discussing how states experiencing huge growth during the housing boom – specifically Florida, but a few others too – have had people leaving en masse after the financial crisis dried up housing. Despite this, there is some silver lining to be found – the numbers mean that these states will be eligible for more political representation after the 2010 census. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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