10 Million US Homes Are Upside-Down

Clearly, if your house is worth less than you owe, you’re not alone. I’ve said this over and over and now the press is finally catching on (see this article).

Here are some bullet points:

  • 10 million US homes are upside-down (owners owe more that what the houses are worth when considering traditional closing costs required to sell)
  • This is 23% of all US homes
  • Michigan is 2nd worst in the country with 39% of homes being upside-down

I’m not a big fan of the press because they often don’t offer solutions – they just report on the problems (since that’s what sells). For example, the article says:

“But for homeowners who are having trouble making their mortgage payments because of a job loss or a rate reset on an adjustable-rate mortgage, being upside down can make it difficult or impossible to pay off a loan by selling a home or refinancing it.”

Of course what the article failed to mention is that there is a solution out there, that’s always been out there, to help people in these positions. As a reader of this Blog, you already know this: it’s a Short Sale.

We’re ready to help when you’re ready for a solution.

Joel

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