Less Borrowers Are Underwater
That’s good news because that means home prices are stabilizing. CNN reported that just 21% of single family homes are underwater compared to 23% at the end of the 2nd quarter. You will notice that it states single family homes and not condos. I would like to know what the percentage is taking into account all property types.
It’s amazing how they play around with numbers and if you only hear what you want to hear you can end up being misled. I am only making a point and not trying to take away from this good news.
The bigger problem to figure out is the large amount of foreclosures and pending foreclosures along with how that added supply will affect the market.