Almost thirty percent of homeowners who bought during the last rip roaring real estate cycle are now upside down in their mortgages.
What that means is that they owe more than their properties are actually worth.
Bloomberg.com is also reporting almost a fourth of the houses sold in the last year sold for a loss.
But there’s another sign of the turn-around in this down real estate cycle, and we think it’s very significant.
Sellers are beginning to accept the fact that their homes will sell for less. They are beginning to get real about the new market conditions.
Read more about homeowners who are upside down in their mortgages at One Third of New Owners Owe More Than House is Worth (Update 1)
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