Underwater Loans In The U.S.
November 8, 2014 1 Comment
More than nine million homes in the United States alone are deeply underwater as of Dec 2013. Homeowners living all across the country find that they cannot depend on their homes to retain the value given when originally purchased. Many Americans blame this trend on the recession that left millions of people out of work and thousands of U.S. companies closing. As the housing market fluctuates, it causes changes in the value of various homes.
An underwater mortgage is essentially a home that is worth less than the loan on the home. A mortgage is a natural part of buying a home today. Various lending programs let future homeowners make a small down payment and borrow money to pay for the rest of the balance. Some lenders also give borrowers the right to roll the down payment into the loan itself and pay little to buy the home. Other loans allow borrowers to borrow a larger amount that they need to cover the cost of repairs to the property, new furniture or closing costs. Read more of this post
In the midst of all the noise and breast-beating about black money, here are the facts:
Urban areas in and around Delhi account for a stunning 40% of unsold real estate in India’s top eight cities.The NCR has a total of 303.48 million sq ft (or about 303,000 apartments) of unsold real estate.At the current pace of sales, this stock of housing requires another 53 months to be completely sold off. In comparison, for the Mumbai region, the figure is about 48 months, while it is the lowest for Bangalore at 19 months. For the top eight cities combined, the 765 million sq ft of unsold space will require at least 35 months to be sold.
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