The negative equity problem for US homeowners might be worse than previously thought, at least according to a new measure from Zillow. The online real estate data provider, in its first negative equity report, said 15.7 million, or 31.4%, of homeowners were underwater on their mortgages in the first quarter. That’s up from 31.1% three months earlier but down from 32.4% in the first quarter 2011. Homeowners owed $1.2 trillion more than the value of their homes in the first quarter, according to Zillow.
let’s see, at $8/hr that’s what, my calculator doesn’t go high enough to figure the man/work/hours to pay off the deficit owed by homeowners - what recovery?
And theres no wonder many folks simply walked away from their homes and let the banks have them. They can turn around (if the credit isnt too bad) and buy a bigger home for less money.