The Wall Street Journal has a good explanation of the latest news concerning about one in six homeowners owing more than their homes are currently worth.
This is a major mess. That’s because they will have to wait and sit on their mortgages until the market starts back upwards again. That could take years for some of them.
Or they could refinance- but many don’t have the means to do even that.
Again, as we’ve said before, that spells opportunity.
Are these people don’t wanters?
Will some of these distressed homeowners hand the keys over to real estate investors who can take these problem children off their hands? You’d better believe it.