Report: 17% Boston Area Homeowners ‘Underwater’

BOSTON (CBS) – A new report says about 17-percent of Boston area homeowners are “underwater,” which means they have a mortgage balance that’s greater than their home’s value.

A year ago that rate was 11.7 percent, according to Zillow.

Lisa van der Pool of the Boston Business Journal reports.

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Comments

One Comment

  1. penny pincher says:

    Too many people overpaid and shouldn’t have gotten a loan to begin with. PRE- APPROVAL doesn’t mean you can afford it. It is the maximum the bank is willing to loan you. You need to run the numbers in your budget to see if you REALLY can afford it.

  2. Mark says:

    The blame lies with the government (Barney Frank was a driving force) for pressuring banks to loan money to those who could really not afford it. Plus at the time the housing market was over inflated. Since the wall street and banking crisis caused this recession (which we are still in) where people are still out of work or had to take lower paying jobs and cannot now afford the exhorbitant mortgage payments they have. And the housing market has taken a dive. Just try to refinance, the banks won’t do it even though Obama provided money for it. The % of foreclosures will be increasing steadily because no one can quailfy for the government program according to the banks. I know people who have tried and were led along for a year before they were told no and now they are behind in their mortgage payments. Don’t blame the consumers, they were led down a path to insolvency by the banks & the government and are still being fed a non existant promise of a way out.

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