subject: Florida Homeowner Negative Equity Nightmare – costly mistakes led to bankruptcy and closure of [print this page] Florida Homeowner Negative Equity Nightmare costly mistakes led to bankruptcy and closure of
A surprisingly high percentage of homeowners in Florida who bought their property in 2006 and 2007 are now paying negative equity in their homes by the excessively high prices when they bought their homes. Negative equity means your mortgage exceeds and devours any ownership interest in property you have purchased. Scary scenario for homeowners, and indeed daunting.
The rich owners of houses in Palm Beach County were hardest hit are states withthe greatest loss in the top 20% equity. Others who have lived comfortably from headings in capital are now the brakes on the banks always get nervous when the global economy and emerging parts of unprecedented uncertainty and panic in filing for bankruptcy. Number of over a million foreclosures nationally.
Those who bought homes during the peak of the market and those problem areas with the highest decrease in their values at home such as Florida, California,Nevada and Arizona are more likely to suffer negative equity in their homes.
Some statistical homes speculate on a purchase house, bought in 2006, nearly 40 percent are now in negative equity house. For those who bought homes in 2007 to some estimates up to 30 percent home equity negative.
One goes to see, timing is everything in real estate. Purchase at the wrong time can be disastrous, as we sell prematurelyIn a short sale to pay your debts. Sophisticated investors do not buy into all the hype, neither he listens to the media is pumped through the marketing of the multinationals that want us to believe against reality.
I hate to see all the foreclosures in Florida and families losing their homes. But we feel confident well have shown some restraint when "everyone" went nuts buying homes beyond their means, as he swallowed the lies Estatetold them to "only increase the property value in Florida." The opposite is the way it is, and "all" is creeping to their exorbitant lifestyles that have received almost pushed into bankruptcy and enforcement.
Goes to show that success in real estate, often recognizable by its ability not to be determined, and go against the tide.
