Monday, February 25

More Than 1 in 10 US Homeowners Upside Down on Mortgage

Will Congress rescue those "drowning" American homeowners? Hey, it's an election year; the Democrats just might....

The Center for American Progress Action Fund offered this spooky stat in its 25 February 2008 daily "Progress Report":
A new report from Moody's states that 8.8 million homeowners, or 10.3 percent of the total, are "underwater," meaning they owe more on their homes than the homes are worth. Mark Zandi, the site's chief economist, observed, "The last time we saw so many homeowners with so many home values that were worth less than the amount of mortgage they owed was back in the Great Depression."... read more

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