According to the research gathered by core logic and analyzed by Allen Brodetsky, President of ASB Capital & Boutique Realty, almost 11,000,000 properties, which equates to roughly 22.5% of all US homes, have negative equity in their home.
Alarming Real Estate Trend on the Horizon
The first two quarters of fiscal year 2011 have shown a declining trend in foreclosures. This can be attributed to the Robo signing fiasco with many of the major lending institutions. That story is now behind us. Many mortgage lenders including Bank of America, the nation’s leading mortgage servicer, have fired up there foreclosure machines and are beginning to replenish their supplies of real estate owned properties. Postponing foreclosure sale dates has become increasingly difficult if not impossible. Core logic researchers have found that nearly 3/4 of all underwater borrowers are paying above market interest rates on their home loans. The chance for borrowers to endure negative equity is increasing day