America's Most Underwater Housing Markets

The banks need to reduce the balance to what its worth today and reduce the payments so people can keep there homes. a lot of people have glitches on there credit and no one now a days except for those lucky not to file for a chapter 7 like i did to get rid of my unsecured debt cant refi or get some kind of relief. My mortgage was modified thru citi but you need to miss two payments, mess your credit up then they will help you cause the loan isnt current. Then you get he run around and you have to pay some one to help you. then it works out. my loan is 400k its worth 250k. payment before mod $2500 after mod $1443 for first year. $1643 for the second year. $1900 for the life of the loan i guess its not bad but rental props are getting hit by renters loosing jobs and owners cant make those payments so they have to let rental prop go in short sale or forclousre.

Topace of CA 4:00PM May 13, 2010

You know, with everything that has been speculated and said it all comes down to one thing. GREED. Whether it was the banks allowing over equity purchases or signing under qualified people into mortgages, designing negative ammortization and adjustable rate loans. Price gouging by sellers and agents, embezzeling execs receiving ludicrous bonuses on top of more ludicrous salaries, government officials getting fat off of corporate deals or the inate feeling that we all have to have more in our lives....bigger, better etc, the reality is this crisis was ultimately caused largely by our own decisions and lack of education about the things we were getting involved with. Many people went with the mantra, "I want" rather than "I need". Sure, there were true victims but in most cases, someone's greed caused someone else's misfortune.

Bill of NY 2:49PM April 30, 2010

the regulations should have been:

you are required to put at least 10% down when you buy a house.

then the market would not have cracked and so many become under water.

It will be difficult to get back to this standard but it is required for a healthy market.

to las wages nevada, having been in the industry for 30 means you should have known better than to put yourself in a situation where you could lose your house.

fred of CA 12:37PM April 19, 2010

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