It appears that many homeowners are in denial about the value of their homes.  It seems that a majority of U.S. homeowners think the value of their property is immune to the national real estate meltdown.

A new report from the research group, First American Corelogic, shows the extent and seriousness of the ‘negative equity’ or ‘underwater seller’ epidemic.  “Previous numbers are tough to come by, but it is widely believed that never before have so many homeowners been a negative-equity position; and early data are indicating that borrowers facing negative equity positions are a significant risk of default.”

Here are the highlights:

• 18.3% of all U.S. mortgages are now ‘under water’.
• There are an additional 2.1 million that will soon have negative equity.
• Nearly HALF of all mortgages in Nevada are negative … this number is expected to increase.
• Michigan, nearly HALF will be in negative equity positions soon.
• Florida, 34%; Arizona, 35%; California, 32%; Georgia, 32% … all with negative equity over 20%!

If you need to sell your home and think you are in a negative equity position, we can help. 

Call me to discuss your options.  404-384-2274

Tags: negative equity, First American CoreLogic, mortgages, upside down, under water, national real estate meltdown, short sale, mortgage meltdown