There is little suprise that reports suggest that one third of the people who purchased homes in the last 5 years in the U.S. owe more on their mortgages than their properties are actually worth. Forty-five percent of those who purchased at the top of the market in 2006 are now in deep with debt.

It was also reported that the highest percentage of homeowners who bought in the last five years were located in California, and of that group a startling ninety percent owe more then their home is currently worth.

To top it off there is little opportunity for those who wish to sell, and it will continue to be that way till homeowners drop their asking prices drastically. And so, the housing market continues to spiral downward.

This entry was posted on Wednesday, August 13th, 2008 at 6:42 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.