Home Equity Woes Drowning Many Homeow...

Home Equity Woes Drowning Many Homeowners

There are 5 comments on the NBC 5 Chicago story from Aug 12, 2008, titled Home Equity Woes Drowning Many Homeowners. In it, NBC 5 Chicago reports that:

A new report on Tuesday showed many Chicago -area homeowners are now finding themselves financially underwater.

Join the discussion below, or Read more at NBC 5 Chicago.

Christine

United States

#1 Aug 12, 2008
What get's you are home sales in "your" area. The last few sales by me have been "short sales". Almost 100,000-150,000 less then what homes go for. THATS THE KILLER!!
The Centurion

Chicago, IL

#2 Aug 13, 2008
Gee, Mr. Carrs house is ONLY 559,000 DOLLARS....wow...gee...what a deal for a first time home owners....a mere $5Thousand dollars a month for a mortgage for a first time buyer.....how can people pass up such a deal.....
JEFF

Hammond, IN

#3 Aug 13, 2008
Realtors are the biggest scum & helped cause this bubble. Sorry Dude, but only a fool would give you $400K for your house. There are so many empty homes out there. You idiots shouldn't have bought over priced homes, now you have to suffer the consenquences. Just be lucky the government is letting you off the hook for the taxes you should be paying on the money you get let off the hook for when the bank short sells your house!
JER

Stamford, CT

#4 Aug 13, 2008
JEFF wrote:
Realtors are the biggest scum & helped cause this bubble. Sorry Dude, but only a fool would give you $400K for your house. There are so many empty homes out there. You idiots shouldn't have bought over priced homes, now you have to suffer the consenquences. Just be lucky the government is letting you off the hook for the taxes you should be paying on the money you get let off the hook for when the bank short sells your house!
Maybe you should re-read this article. These folks are retired and have paid off thier house. I don't blame the realtors for the bubble. However the banks that made it easier and easier to get loans. Then they started approving loans for people that should never have been approved. On top of that they were lending up to 100% of the purchase price. That is just bad practice and bad business. The banks need to suffer. The homeoweners need to suffer for going along with such garbage. Everyone knows what they can and can not afford. They, many of them went way out there and had no buisness what so ever buying a home they just flat couldn't pay for.

Since: Aug 08

Chicago, IL

#5 Aug 13, 2008
JER, I agree with you. It is mostly the mortgage companies fault as they are the ones that pushed the consumer into loans that they couldn't possibly afford. (eg. 80-20 loans w/ an adjustable rate) Now the rates go up, so the payments go up, and they can't make the payments. then they get foreclosed on and have to short sale it. Then they are only getting 75-85% of what they paid for the house in the first place, cause they have to get out from under it quickly. Sucks for all. And it is lowering homevalues in the process.

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