Economic Report: 10 percent mortgages higher than home value

[Omaha Steve]

http://www.laborradio.org/node/7985

Is your mortgage higher than the worth of your home? According to a new study by Moody’s nearly 8.8 million home owners hold mortgages that have outpaced the value of their homes – roughly 10 percent of all U.S. homeowners. The result is a large selling off of homes at a time when the market is already glutted with empty housing. As a result any recovery hoped for by economists in the housing market could be prolonged.

[Demobrat]

1. I have to wonder if this figure includes HELOCs

taken out by people who just had to have that new ski boat.

[thunder rising]

2. Duh...If you financed even 80% your below value now. I suspect it's much greater than 10%

[dysfunctional press]

3. if someone plans on staying in their home for awhile, why should this be a big deal to them?

other than the fact that they probably wouldn't be able to re-fi or get a home equity loan- but those aren't necessarily bad things, because it was the rash of both where a lot of people got in trouble in the first place.

[Skittles]

4. because

the economy has been kept afloat by people using their houses as ATMs