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Topic: Homes Under Water!, Arizona & California plus others< Next Oldest | Next Newest >

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Post Icon Posted: Feb. 25 2010,2:17 pm Post # 1 see this member send this member a private message  quote this post in reply
Just released!

24% of home mortgages 'underwater'
That's an increase from over the third quarter and a year ago. Five states, including Nevada and California, continue to have most of the problems.

[Related content: mortgage, recession, home buying, loans, financial crisis]
By Charley Blaine
MSN Money
Here's a sobering number: More than 11.3 million residential properties with mortgages -- about 24% of all such properties with mortgages -- were "underwater" at the end of 2009.

That means the homes were worth less than the value of their mortgages.

Check today's low mortgage rates

The total was up from 10.7 million properties, or 23%, at the end of the third quarter and up from 8.3 million properties at the end of 2008, First American CoreLogic said in a report released Tuesday.

An additional 2.3 million mortgages were approaching negative equity at the end of 2009. That meant the owners' equities -- the difference between the value of the loans and the value of the properties -- was less than 5%.

The report (.pdf file) offers a gloomy picture for the nation as a whole, but the problem loans remained concentrated in five states.

Of the five, Nevada was in the worst shape: 70% of home mortgages there were underwater. That was followed by Arizona, where 51% were underwater; Florida, at 48%; Michigan, 39%; and California, 35%.

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Post Icon Posted: Feb. 25 2010,2:20 pm Post # 2 see this member send this member a private message  quote this post in reply
Great....of course I own a home in 2 of the worst 5 states.  :beat  :beat  :rolleyes

"It seemed like a hell of an idea at the time".
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Post Icon Posted: Feb. 25 2010,3:00 pm Post # 3 see this member send this member a private message  quote this post in reply
Both my neighbors are losing there homes, plural, both of them own two each.

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Feb. 25 2010,3:33 pm Post # 4 see this member send this member a private message  quote this post in reply
aaaahhhh....The joys of leasin'. My condolences to y'all. :(

"My lifestyle determines my deathstyle!" -Metallica
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Post Icon Posted: Feb. 25 2010,4:52 pm Post # 5 see this member send this member a private message  quote this post in reply
If 50% of the homes at Lake Havasu City are underwater.  Then a good buy is coming.  However a becomes a question becomes, how many years for it to come back to value?

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Post Icon Posted: Feb. 25 2010,5:09 pm Post # 6 see this member send this member a private message  quote this post in reply
Quote (David @ Feb. 25 2010,4:52 pm)
If 50% of the homes at Lake Havasu City are underwater.  Then a good buy is coming.  However a becomes a question becomes, how many years for it to come back to value?

Is this a trick question. :stupid

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Feb. 25 2010,6:10 pm Post # 7 see this member send this member a private message  quote this post in reply
Quote (WATERDOG @ Feb. 25 2010,6:09 pm)
Quote (David @ Feb. 25 2010,4:52 pm)
If 50% of the homes at Lake Havasu City are underwater.  Then a good buy is coming.  However a becomes a question becomes, how many years for it to come back to value?

Is this a trick question. :stupid

I'd say both trains get there at the same time :jumpie  :laugh

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Post Icon Posted: Feb. 25 2010,7:27 pm Post # 8 see this member send this member a private message  quote this post in reply
I think I'd rather have a house under water in sunny AZ than a house under snow in ohio. :rotflmao  :D



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Post Icon Posted: Feb. 25 2010,7:55 pm Post # 9 see this member send this member a private message  quote this post in reply
Quote (David @ Feb. 25 2010,4:52 pm)
If 50% of the homes at Lake Havasu City are underwater.  Then a good buy is coming.  However a becomes a question becomes, how many years for it to come back to value?

They've been way overpriced for years... :rolleyes   It's just the market coming back to some sense of reality... :beat
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Post Icon Posted: Feb. 25 2010,8:58 pm Post # 10 see this member send this member a private message  quote this post in reply
Quote (lawbreaker2 @ Feb. 25 2010,7:27 pm)
I think I'd rather have a house under water in sunny AZ than a house under snow in ohio. :rotflmao  :D

When the snow melts.....underwater will be of the more literal sense.......  :D



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Post Icon Posted: Feb. 25 2010,9:11 pm Post # 11 see this member send this member a private message  quote this post in reply
No wonder Lake Havasu City has no tax rate.  With the housing marketing falling to pieces and the loss of property tax.  Coupled with the lack of attendance and not as many boaters spending money on food, lodging, fuel, and of course Beer.  The whole area is in trouble so lets double our boat launching FEES and see if we cannot remove even more boats off of the Lake!  Maybe this year we will average 1000 boats on the lake per day

.  What are they thiking?

Edited by David on Feb. 25 2010,9:16 pm

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Post Icon Posted: Feb. 25 2010,10:38 pm Post # 12 see this member send this member a private message  quote this post in reply
Quote (David @ Feb. 25 2010,9:11 pm)
No wonder Lake Havasu City has no tax rate.  With the housing marketing falling to pieces and the loss of property tax.  Coupled with the lack of attendance and not as many boaters spending money on food, lodging, fuel, and of course Beer.  The whole area is in trouble so lets double our boat launching FEES and see if we cannot remove even more boats off of the Lake!  Maybe this year we will average 1000 boats on the lake per day

.  What are they thiking?

Typical.

President Kennedy did the first experiment in lowering the tax rates to encourage growth. works every time its tried. Raising taxes just doesn't work. Every time its tried.

Why can't we learn this lesson?

:angry  :pissed  :pissed  :pissed  :angry

My home in PHX has lost half its value, yet my property tax which is based on home value has gone up 25% in the last year. WTF???? :pissed  :finger  :angry  :finger  :pissed  :say?  :finger  :pissed  :angry



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Post Icon Posted: Feb. 26 2010,6:00 am Post # 13 see this member send this member a private message  quote this post in reply
Ok take it from me, Cleveland thinks the same way they keep raising the taxes cuz people keep packing it up and leaving, so they think that by uping the tax, well just just raised the tax again and now my brother said that he may just do what the folks next door and a few other's did, and that is pack up and walk away from the house and let it rot away and go live in a apt. for 7 years, cuz at this rate he is falling behind paying all these taxes and there still going to get the house. So tell havasu to look at cleveland and ask them selfs do you want this. M/T house all over a lake front that nobody come down to and a city nobody want to vist, cleveland tax box is M/T and nothing is going in, all buss. has left.



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Post Icon Posted: Feb. 26 2010,6:51 am Post # 14 see this member send this member a private message  quote this post in reply
Quote (Fragile Magic @ Feb. 25 2010,10:38 pm)
Quote (David @ Feb. 25 2010,9:11 pm)
No wonder Lake Havasu City has no tax rate.  With the housing marketing falling to pieces and the loss of property tax.  Coupled with the lack of attendance and not as many boaters spending money on food, lodging, fuel, and of course Beer.  The whole area is in trouble so lets double our boat launching FEES and see if we cannot remove even more boats off of the Lake!  Maybe this year we will average 1000 boats on the lake per day

.  What are they thiking?

Typical.

President Kennedy did the first experiment in lowering the tax rates to encourage growth. works every time its tried. Raising taxes just doesn't work. Every time its tried.

Why can't we learn this lesson?

:angry  :pissed  :pissed  :pissed  :angry

My home in PHX has lost half its value, yet my property tax which is based on home value has gone up 25% in the last year. WTF???? :pissed  :finger  :angry  :finger  :pissed  :say?  :finger  :pissed  :angry

It suks big time!! Same thing happened to me in Mohave Valley. Just got the notice the other day.  :banghead

"It seemed like a hell of an idea at the time".
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Post Icon Posted: Feb. 26 2010,8:44 am Post # 15 see this member send this member a private message  quote this post in reply
Move near the beach!  :good

I just another email from Zillow sayin' that my home went up in value.

I still can't afford to sell it and move anywhere...so what good is that?  :stupid

Dang realtors are always trying to get properties to sell....problem is many people can't qualify for loans these days.  :rolleyes

It's a fact of Life:

After Monday and Tuesday, even the Calendar says : WTF .......
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Post Icon Posted: Feb. 26 2010,9:06 am Post # 16 see this member send this member a private message  quote this post in reply
Quote (GlassMan @ Feb. 26 2010,8:44 am)
Move near the beach!  :good

I just another email from Zillow sayin' that my home went up in value.

I still can't afford to sell it and move anywhere...so what good is that?  :stupid

Dang realtors are always trying to get properties to sell....problem is many people can't qualify for loans these days.  :rolleyes

If we were to listen to the realtors ( the so-called experts) They would have us believing that the recession is on the up-swing. What a bunch-a-bull!!  All they ever try to do is paint a much rosier picture than what really exists.  :beat  :beat

"It seemed like a hell of an idea at the time".
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Post Icon Posted: Feb. 26 2010,9:39 am Post # 17 see this member send this member a private message  quote this post in reply
Quote (DirtySquirty @ Feb. 26 2010,9:06 am)
Quote (GlassMan @ Feb. 26 2010,8:44 am)
Move near the beach!  :good

I just another email from Zillow sayin' that my home went up in value.

I still can't afford to sell it and move anywhere...so what good is that?  :stupid

Dang realtors are always trying to get properties to sell....problem is many people can't qualify for loans these days.  :rolleyes

If we were to listen to the realtors ( the so-called experts) They would have us believing that the recession is on the up-swing. What a bunch-a-bull!!  All they ever try to do is paint a much rosier picture than what really exists.  :beat  :beat

DS, remember that RE lady we had to leave your house for to have dinner with, she called last week. Was carrying on about how great the market is because they only have 750 homes on MLS, down from over 1000. Had to point out to her that the listing where only lower because the banks pulled hundreds off the market, mostly 125K and lower homes, trying to keep market value higher for what's left. :banghead

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Feb. 26 2010,9:41 am Post # 18 see this member send this member a private message  quote this post in reply
You are right.  This thing is not even close to being over.  I am being told the housing market will affect us for the next 4 plus years.  Then comes the collapse of commercial real estate and Hotel/Motels.  You are right the White House would lead us to believe that everything is over.  But, what do they know!

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Post Icon Posted: Feb. 26 2010,10:08 am Post # 19 see this member send this member a private message  quote this post in reply
Quote (David @ Feb. 26 2010,9:41 am)
You are right.  This thing is not even close to being over.  I am being told the housing market will affect us for the next 4 plus years.  Then comes the collapse of commercial real estate and Hotel/Motels.  You are right the White House would lead us to believe that everything is over.  But, what do they know!

They know how to raise interest rates. :eek

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Feb. 26 2010,10:11 am Post # 20 see this member send this member a private message  quote this post in reply
They know how to give our tax dollars away!  :pissed

It's a fact of Life:

After Monday and Tuesday, even the Calendar says : WTF .......
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Post Icon Posted: Feb. 26 2010,1:00 pm Post # 21 see this member send this member a private message  quote this post in reply
Just received my 2010-11 tax assessment for our Bullhead house and it dropped $126K.  We bought at the peak in 2007 in part due to a tax issue and now it's upside down and the tax credit is dropping.  Don't plan on selling so maybe it might make it back to even in twenty years when it's time to retire.
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Post Icon Posted: Feb. 26 2010,1:17 pm Post # 22 see this member send this member a private message  quote this post in reply
Quote (richp5 @ Feb. 26 2010,1:00 pm)
Just received my 2010-11 tax assessment for our Bullhead house and it dropped $126K.  We bought at the peak in 2007 in part due to a tax issue and now it's upside down and the tax credit is dropping.  Don't plan on selling so maybe it might make it back to even in twenty years when it's time to retire.

You'd may be ok if'n you can hang in.  :good   Things have changed in my life and I can't do without selling.  :rolleyes



That and I have realized I don't want to retire to that area.... :rolleyes

"It seemed like a hell of an idea at the time".
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Post Icon Posted: Feb. 26 2010,1:19 pm Post # 23 see this member send this member a private message  quote this post in reply
Quote (WATERDOG @ Feb. 26 2010,9:39 am)
Quote (DirtySquirty @ Feb. 26 2010,9:06 am)
Quote (GlassMan @ Feb. 26 2010,8:44 am)
Move near the beach!  :good

I just another email from Zillow sayin' that my home went up in value.

I still can't afford to sell it and move anywhere...so what good is that?  :stupid

Dang realtors are always trying to get properties to sell....problem is many people can't qualify for loans these days.  :rolleyes

If we were to listen to the realtors ( the so-called experts) They would have us believing that the recession is on the up-swing. What a bunch-a-bull!!  All they ever try to do is paint a much rosier picture than what really exists.  :beat  :beat

DS, remember that RE lady we had to leave your house for to have dinner with, she called last week. Was carrying on about how great the market is because they only have 750 homes on MLS, down from over 1000. Had to point out to her that the listing where only lower because the banks pulled hundreds off the market, mostly 125K and lower homes, trying to keep market value higher for what's left. :banghead

I do remember that ( still have a bit of memory ). You are right on my friend!!  :beat

"It seemed like a hell of an idea at the time".
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Post Icon Posted: Feb. 26 2010,4:28 pm Post # 24 see this member send this member a private message  quote this post in reply
I don't have as many toys as some of you.  But just counting have SUV, boat and trailer, travel trailer & utility trailer.  Now I undersatand, the SUV tag is going to double this year, thank you California.  But, are all of the others toys, going to double or even more than double!

Just don't see an end to this.

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Post Icon Posted: Feb. 26 2010,5:01 pm Post # 25 see this member send this member a private message  quote this post in reply
Quote (David @ Feb. 26 2010,4:28 pm)
I don't have as many toys as some of you.  But just counting have SUV, boat and trailer, travel trailer & utility trailer.  Now I undersatand, the SUV tag is going to double this year, thank you California.  But, are all of the others toys, going to double or even more than double!

Just don't see an end to this.

I renewed my Havi truck today, it was more than double. Would have been more but for some reason they took the weight fee off. I'm not gonna say a thing. :good

"Damn you sure know how to fock things up."-GFR
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