(English) Negative Equity Increasing
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Wonder how many of those houses with negative equity pulled money out via home equity lines….and now we are all paying the price for that…
We bought our home in 2006, buying much less house than ‘they’ said we could afford. We financed 80% with a conventional, 30-year fixed loan, and 10% with a 10-year second.
When we tried to refinance last month, our appraisal came in 20% below what we paid, and 6% below what we owe. Factors included a high rate of foreclosures in our area, likely from those who bought as much as they could qualify for with the ‘creative financing’ that helped drive up prices.
We can pay our bills, but can’t refinance. We won’t walk away.
I am feeling quite the opposite in my market place here. It is most likely a flash in the pan however.
Yes, this is true. I see most of my clients going in that direction and they have lost faith in the housing market and the people who got rich by cheating all of us. And now you cannot even trust the media of what they report because what they say may cost them their jobs.
It’s ok. I am just reporting what I experience from my clients and I am a realtor who lost a lot in this market.