From ZeroHedge:
At least 25% of homeowners are underwater on their mortgages now, and a new wave of foreclosures is imminently going to slam the market. Not only has the negative equity city (Miami, Las Vegas, Stockton) become a feature of the landscape, we have graduated to the negative equity state (Nevada).
Yah, well.........
Here's the problem. Investors are buy the houses in Nevada with cash. That's good for the investors, but for those of us who need to borrow money to buy a home, forget about it.
ReplyDeleteMost of tyhe investors are out of state and so, those houses will be put up for rent. Not saying that is bad, but if the house is not rented, then you will have problems. The house may be broken into or have squatters live in it.
Sad situation.