58.2 percent of the homes in Las Vegas are upside down
March 22nd, 2009 | 
Author: This article was published by the LasVegas Sun a few days ago, and it talked about how 58 homes with a Las Vegas Mortgage were upside down. This mean that the balance on the mortgage loan is more than the home’s value.
This is not limited to Las Vegas, all over America, in many cities this is the case. Many homeowners are choosing to walk away from their home rather have a home that is worth is than what they owe on it.
This leads to additional supply in homes and further decline in home prices, as lenders will be force to foreclosure on these homes and resell them.
Often times these homes are in disrepair, as a result the buyers will factor this into their offering price.
The government and many people with a vested interest in in our economy are publishing information on how everything is looking better, but the truth is this info is misleading. Since last year, various people have said that we have bottomed out and the economy will rebound soon. Even the second richest man, Warren Buffet, said this last year as this company invested billions into struggling banks and companies. Does he have a vested interest? yes, in 2009, he can out to say that he was wrong and that the recession is getting worse.
My advice is to hang in tight. If you must buy a home now, buy it smart, buy a REO property and don’t over pay. Get the lowest interest rate, 30 year fixed mortgage you can and wait till this economic storm dies out.
September 3rd, 2010 4:53 am
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