Thursday, March 6, 2008
Homeowner Equity Now Below 50%
The Associated Press is reporting that homeowner equity has fallen below 50% for the past three quarters, the first time since 1945 it's been below that mark. The report adds "Moody's Economy.com estimates that 8.8 million homeowners, or about 10.3% of homes, will have zero or negative equity by the end of the month. Even more disturbing, about 13.8 million households, or 15.9%, will be "upside down" if prices fall 20% from their peak."