Thanks Barack… One in Four US Homes Are Underwater

Thanks for that GREAT stimulus plan Nancy and Barack!
Things are going swimmingly well.

Over one in four homes in the US are underwater. That’s an increase of 5% from last year.

Home values continue to drop in the Obama economy.

Bloomberg reported:

More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said today.

Homeowners with negative equity increased from 22 percent a year earlier as home prices slumped 8.2 percent over the past 12 months, the Seattle-based company said. About 27 percent of homes with mortgages were “underwater” in the fourth quarter, according to Zillow, which runs a website with property-value estimates and real-estate listings.

Home prices fell 3 percent in the first quarter and will drop as much as 9 percent this year as foreclosures spread and unemployment remains high, Zillow Chief Economist Stan Humphries said. Prices won’t find a floor until 2012, he said.

“We get tired of telling such a grim story, but unfortunately this is the story that needs to be told,” Humphries said in a telephone interview.

#1 May 9, 2011 at 6:34 pm
Pat the First commented:

I think both Chris Dodd and Bawney Fwank should get some kudos as well.
#2 May 9, 2011 at 6:39 pm
regularguy commented:

The “stimulus” only sealed the deal. Obama should be in jail, along with Franklin Raines, Bawney Frank, and “sweetheart deal” Dodd for their corrupt shakedowns of the housing industry for loans to people who they knew could never afford their homes. ACORN was the means.
#3 May 9, 2011 at 6:43 pm
Ginger commented:

I strongly believe the every day chemtrails that is happening in our skys is the cause of the storms and tornados!
#4 May 9, 2011 at 6:45 pm
Chuck Simmins commented:

Blame a lot of people, but don’t forget to blame the people who just had to have THAT house even though the price was too high. A market is driven by buyers, not sellers.
#5 May 9, 2011 at 6:50 pm
Jim commented:

It’s the people that want something for nothing, from you know – the government, the country, the rich and that poor SOB that lives down the street who’s still working that owes them.
#6 May 9, 2011 at 6:52 pm
olm commented:

Yes, but at some point the problem ceased to be about people going in over their heads and it became about the economy. It is also about an administration that only pays lip service to fixing what it could fix.
This has morphed into not being about homeowners and being about a slush fund for Frannie Freddie and those who run them. If it were about fixes they would have been obvious differences in the way this whole thing has played out.
Talk to someone who has tried to get a mortgage redone or a short sale through. Espcially with certain banks. The stories are shockingly similar.
The gunrunner story is quite a scandal but I really do think that history will show that this one is the most outrageous of our time.
#7 May 9, 2011 at 6:53 pm
ConMan commented:

Bwaney Fwank: “There are no problems with Fannie and Freddie.”
#8 May 9, 2011 at 7:30 pm
Dewormer commented:

It’s really not an issue. Financial Reform II will provide for the government recovery of these failed loans and their assets, and will create an unrivaled public housing program that will allow current homeowners in default with the privilege of renting their homes from the government.
#9 May 9, 2011 at 7:57 pm
sandy commented:

Of course the story of this economy needs to be told. The MSM won’t talk about it because they know this is a loser for Obama as they try to recycle him in 2012.

Now he’s a hero in his own mind because Osama is gone. He will try to live on that as long as he can. In fact any subject is preferable to the pain the American people are suffering.
#10 May 9, 2011 at 7:58 pm
mg4us commented:

2012 Theme

America can’t afford 4 more years of Obama as President or Democrats in the Senate. . .
can You?

Vote “I-CAN”

Vote RepublICAN! (not RINOs but Reagan Conservative Republ-I-can!!

http://www.rushlimbaugh.com/home/daily/site_050911/content/01125109.guest.html
#11 May 9, 2011 at 9:50 pm
tommy mc donnell commented:

the sub-prime mortgage market was created to give loans to people that would never get a regular mortgage because one they couldn’t afford it or two their credit history was so bad they would never qualify for a loan. some of the all-star borrowers scored on both accounts. everybody knew these loans were never going to be paid back. that is why they spawned a whole host of new mortgage types that worked as long as property values were going up. the reverse mortgage, no money down, interest only, that became disasters when real estate value stopped going up. the clintons, andrew cuomo, acorn, chris and barney, all of them knew sub-prime was going to explode, it was only a question of when. there are no UNINTENDED leftist consequences.
#12 May 9, 2011 at 10:23 pm
save us commented:

As awful as o is, this one can’t really be blamed on him since the forces that drove up home prices to unrealistic sky high levels and allowed unqualified people to buy homes were put in motion while he was a humble community organizer just trying to help the little guy against the evil banks and white oppressors.

Tommy m above is right.

However his polices have screwed everyone. Look how well his “daily focus” on job creation is going.
#13 May 9, 2011 at 11:38 pm
Mike commented:

Saved for 30 years…imagine buying at the very top? If I ever see Frank or Dodd in person, I’m going to say “Hi” with prejudice.
#14 May 10, 2011 at 12:00 am
Jennifer commented:

this country can’t afford ’4 more years’
#15 May 10, 2011 at 1:04 am
bear commented:

Every month the banks and other lenders are sinking further, as the value of their portfolios erodes faster than agregate loan payments. Anyone who has bought a home since 2006 is most likely under water, and going down farther every day.

The lady predicts two more years to hit the “new” bottom. The Fed still can’t raise interest rates, even when the dollar is tanking. The unemployment rate shows a languishing, if not failing, economy. Foreclosed properties account for almost 35% of current unsold inventory.

The wealth of our nation, and, more importantly, its ability to generate capital for future investments and growth/recovery have been seriously damaged.

All the “predictions” have been qualified by the phrase, “jobs must increase,” and depend upon a perceived actual benefit to potential investors and/or purchasers.
#17 May 10, 2011 at 2:26 am
Robert commented:

From “Hooverville” to “Obamaville Estates” in 3 generations.
#18 May 10, 2011 at 5:51 am
#1AMERICAN commented:

Odumbo…doing exactly what he set out to do from day…destroy AMERCA because he is a marxist mmo slum piece of $hit