Homeowners are sitting on a negative equity timebomb after losing $108.4 billion on their property values this year, experts say. The average borrower saw their home equity plummet by $5,400 in the first quarter of 2023 compared to last year - with households in Washington, California and Utah worst affected.
Meanwhile, banks are about to blow up as well after having sold mortgages at such cheap rates over the last five years, but that's a story for another day. Read about this housing timebomb here:
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I see our place as a roof over our head, my wife sees it as an investment and really sweats when the paper repots the values moving.
ReplyDeleteNo matter what the media reports it's value as it's still an affordable shelter in a place I really like ... and we have to have shelter.