Vashon Mortgage News
October 15, 2008 at 9:23 pm Leave a comment
The slide in home prices across the country has left one in six, or 16%, of U.S. homeowners owing more on a mortgage than their home is worth in the marketplace, raising the possibility of a rise in defaults. With governments around the globe scrambling to shore up stock markets and banks, there is little certainty that the situation will improve in the near term. There are few alternatives available to distressed homeowners seeking to refinance or sell their homes when their mortgages are greater than home value. Foreclosed upon homes have an impact on the value of surrounding homes in a neighborhood. For an excellent summary of the mortgage market, see The Seattle Times, Sunday October 13, p. D4.
Entry filed under: Ask Kyle - Our Mortgage Expert, Housing Market News. Tags: vashon island home finances, Vashon mortgage.
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