You are currently browsing the Mimi’s Blog weblog archives for December, 2009.
- Real Estate (56)
- March 4, 2010: Metro Denver Economic Indicators
- March 3, 2010: Beware of this bill going through Congress. It will eliminate our choices and favor the big banks too big to fail!
- February 26, 2010: New appraisal law creating havoc with our market.
- February 24, 2010: Case-Shiller: Denver No. 5 in December Market
- February 23, 2010: Money.com sees Denver market bottoming in Q3
- February 16, 2010: Many sellers try to place the "declining monkey" on the back of their agents
- February 15, 2010: Buyers feel trapped in their homes as they want to use the new tax credit.
- February 11, 2010: Fort Collins/Loveland Hits Dream Town Status
- February 10, 2010: Continued High Negative Equity and Home Value Declines Put a Damper on an Encouraging 2009
- February 9, 2010: Denver lands close to 30% of $1 million-plus home sales
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Archive for December 2009
One-third of mortgages in area are ‘under water’
December 1, 2009 by Mimi Miller.
One-third of mortgages in area are ‘under water’ - Industry experts say this isn’t as bad as it may sound. While nearly one-third of Greeley-area homeowners owed more on their mortgage than the home was worth as of September, approximately one in four borrowers nationwide were “under water” on their mortgage. Tom Beck, a senior lending officer with 1st National Bank Residential Mortgage in Greeley, points out that it’s only a problem for homeowners who need to sell right away. For homeowners who can stay in their homes, the equity will improve as the housing market comes back. “It’s kind of like watching our stock portfolios,” he said. “It’s going to go up in value, and it’s going to go down in value, but the key day of when it matters is when you try to sell your house.”
http://www.greeleytribune.com/articlep://www.greeleytribune.com/article/20091126/BUSINESS/911259985/1002&parentprofile=1001
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