You think you got it tough? You think, how am I ever going to get out from under this crushing debt? You are not alone.
Click on this link for the Zillow Negative Equity Infographic. It shows in startling detail the percentage of homes by county throughout the U.S. that are Underwater and delinquent on payments.
At the peak of the housing crisis over 40% of homeowners owed more on their houses than the houses resale value. According to the most recent information (I could find) from September 2012 over 22% were still underwater. In a healthy housing market only 5% of homes are underwater, or have negative equity.
The effects on the economy are enormous. When a family has negative equity their ability to borrow money is extremely limited, preventing wanna-be entrepreneurs from using seed money from their homes, their largest investment, to start a new business. Families can’t refinance in order to take advantage of record low-interest rates. And they can’t sell their house and buy a new one because in most cases they won’t have money left over after the sale to use as down payment on the new home.
In the Puget Sound 26% of King County homes are underwater and 10% are delinquent on their mortgage payments. In Snohomish County it’s 40% and 11%. Pierce County is the worst; 45% and 12%. Throughout the Puget Sound and south to Portland, OR not one county is below 21%. Most are above 30%.
Since a decade low of only 60% of Americans own homes we can then do some simple math to determine a majority, over 53%, either don’t own a home or have negative equity in the homes they do “own”.
As someone who isn’t underwater on our home (in fact we have pretty descent equity) but is extremely familiar with the suffocation of debt let me tell you I can relate. A recent ABC News report indicates that a majority, 55%, of Americans have more credit card debt than money in savings. Sadly, I would be among the majority.
Getting out of debt is one of my families top priorities. And for this economy to flourish all Americans should make that a priority.
As an AdvoCare Advisor Distributor I’m happy to have the award-winning DebtBuster program provided to me for free by AdvoCare. The methods for getting out of debt are simple to understand and follow. If great nutrition, weight loss, muscle gain, and great financial opportunities are not enough to compel you to get happily involved in this great company perhaps the kind and generous help and advice AdvoCare provides FOR FREE to get the stress and suffocating burden of debt off your back will allow you to make this wise decision.
We’re following the DebtBuster program and we’re making more money thanks to AdvoCare. I invite you to contact me to learn more. And based on statistics…a majority of you need to do so.
Thanks for visiting. Comments are welcome.
- CoreLogic: Negative Equity Decreases in Q4 2012 (realtyconsultantsteam.com)
- 12 States Where Homeowners Are Deep Underwater (businessinsider.com)
- Help for those trapped in negative equity (gateway-homes.co.uk)
- Is Walking Away From Your Mortgage OK? (creditloan.com)
- US Homeowners Rise Above Water on Mortgages (cnbc.com)
- How many home owners in Seattle are underwater? (findwell.com)
- ‘Seller’s Market’ Developing As Housing Inventory Hits A 13-Year Low (forbes.com)
- Housing: What if inventory keeps falling? (calculatedriskblog.com)
- $1 trillion in mortgage debt still underwater (cbsnews.com)
- Things I Want In Life (mschuettblahblahblah.com)