New Report Shows Negative Equity Problem Persists
$1 trillion of California property ‘under water’ A report published this afternoon shows that nearly $1 trillion of property in Ca...
https://www.elkgrovenews.net/2009/08/new-report-shows-negative-equity.html
$1 trillion of California property ‘under water’
A report published this afternoon shows that nearly $1 trillion of property in California is in a negative equity meaning it is worth less than its original loan value, or ‘under-water.’
The report published by First American Core Logic of Santa Ana, Calif., continues to paint a bleak picture of real estate values in California and mationally.
According to the report, 42 percent of California mortgages are under-water. The report says that 2.9 million California mortgages have negative equity and another 3.2 are approaching negative equity.
Nationally, the report says that there are 15.2 million negative equity loans with a value of $3.4 trillion. The 15.2 million represents 32.2 of all mortgaged properties nationally.
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I wonder why being underwater is unacceptable on a housal unit, while going underwater on a new car in exchange for a clunker is perfectly reasonable.
I'm pretty sure every new car loses north of $4500 the second it's driven off the lot - instant negative equity.
Sadly that is how most American live - in debt.... that is why the economy where is we are today. Everyone including the City of Elk Grove got in over their heads.
As far as the cars they are selling are not worth what you pay for them anyway. Remember the good old days when you could get a car for $3500???
New one is dollars for dishwasher! I new thing our tax dollars will be paying. This is totally out of control!
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