A way in is a way out - Underwater homes for sale

“How many single family homes are there in the United States?

Answer:

It may be that the terminology is different than single family homes. However, barring that, here are some census.gov numbers for you.

In 2009, the US Census Bureau reports all housing units totaling in at 130 million 159 thousand.

Also in 2009 91,241,000 total housing units for single detached and mobile homes in the United States with 79,918,000 total occupied year round. And of these, some are renters and some are owner occupied.

Read more: http://wiki.answers.com/...d_States#ixzz1crMILAKV”

“Nearly 1 in 6 homeowners 'underwater'

After a housing slump that has pushed values down 30% in some areas, roughly 12 million households owe more than their homes are worth.

By The Wall Street Journal

The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults -- the very misfortune that touched off the credit crisis last year.

The result of homeowners being "underwater" is more pressure on an economy that is already in a downturn. No longer having equity in their homes makes people feel less rich and thus less inclined to shop at the mall.

And having more homeowners underwater is likely to mean more eventual foreclosures, because it is hard for a borrower in financial trouble to refinance or sell a home and pay off the mortgage if the debt exceeds the home's value. A foreclosed home, in turn, tends to lower the value of other homes in its neighborhood.

About 75.5 million U.S. households own the homes they live in. After a housing slump that has pushed values down 30% in some areas, roughly 12 million households, or 16%, owe more than their homes are worth, according to Moody's Economy.com.

The comparable figures were roughly 4% of homeowners in 2006 and 6% last year, says the firm's chief economist, Mark Zandi, who adds that "it is very pssible that there will ultimately be more homeowners underwater in this period than (at) anytime in our history."

Among people who bought within the past five years, it's worse, with 29% underwater on their mortgages, according to an estimate by real-estate Web site Zillow.com.

Most homeowners still have equity, and even among those who don't, many continue to make their mortgage payments on time.”