Some 12 million households now owe more on their mortgages than their homes are worth, leading economists to worry that foreclosures will continue to rise.
"The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults - the very misfortune that touched off the credit crisis last year.
The result of homeowners being "underwater" is more pressure on an economy that is already in a downturn. No longer having equity in their homes makes people feel less rich and thus less inclined to shop at the mall.
And having more homeowners underwater is likely to mean more eventual foreclosures, because it is hard for borrowers in financial trouble to refinance or sell their homes and pay off their mortgage if their debt exceeds the home's value. A foreclosed home, in turn, tends to lower the value of other homes in its neighborhood."
FULL STORY: A rising tide of ‘underwater’ homeowners
Subprime Loans Are Back—Now They're Called Nonprime Loans
Some say that "nonprime" loans will create the same financial ruins as their "subprime" predecessors. Others say the housing market needs ways for more people to buy homes and drive the industry.
The Last Days of the Home Affordable Modification Program
The Washington Post takes stock of the Home Affordable Modification Program (HAMP) in its final days, finding a program hampered by bad faith from large banks and bad oversight by the Treasury Department.
The Case for Making Federal Housing Programs Like HAMP and HARP Permanent
There have been a number of federal and state programs to address the housing and foreclosure crisis. While these programs have helped a lot of people and continue to do so, many people that are qualified still have trouble completing these programs.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Has President Trump Met His Match?
Doug Ford, the no-nonsense premier of Canada's most populous province, Ontario, is taking on Trump where it hurts — making American energy more expensive.
Study: London ULEZ Rapidly Cleaning up Air Pollution
Expanding the city’s ultra low-emission zone has resulted in dramatic drops in particle emissions in inner and outer London.
San Jose Mayor Takes Dual Approach to Unsheltered Homeless Population
In a commentary published in The Mercury News, Mayor Matt Mahan describes a shelter and law enforcement approach to ending targeted homeless encampments within Northern California's largest city.
Atlanta Changes Beltline Rail Plan
City officials say they are committed to building rail connections, but are nixing a prior plan to extend the streetcar network.
Are Black Mayors Being Pushed Out of Office?
The mayors of New York, St. Louis, and Pittsburgh all stand to lose their seats in the coming weeks. They also all happen to be Black.
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