If you are presently paying a mortgage on a home that is no longer worth what you owe, the new terminology for this predicament is being “Under Water.” Reuters reports that “nearly one in six” of homeowners are suffering with this dilemma. A lot of folks have pulled from the equity in their homes and are caught in the downward spiral of the economy where their homes are losing their worth. Throughout the country, there are pockets of states that have nearly all the residents “under water.” The $700 billion needed to bail out the banking industry will only be a part of what’s really needed as these new foreclosures pile atop other U.S. economic woes. Read here to see what’s going on in the latest housing market catastrophe.
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