A third of everyone on your street owes more on their home than the property is worth. At least statistically speaking that is true. And that means the number of homes which are overleveraged in DFW reaches into the tens of millions.
The common thought on a property which is “underwater” is that the devaluation in the market has forced the value of the home to be worth less than your note. While that may be true in some circumstances, the more serious trend is taking out second mortgages on properties. It is simply fiscally unsound, and altogether to commonplace. People like to point fingers for the meltdown in real estate, but we might want to look at ourselves and our neighbors before we displace to much blame.
August 22nd, 2009 at
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