Source: Bianco Research
Presented without comment:
A recent report shows that 1 out of 3 Americans with a mortgage is still underwater owing $1.2 trillion more on their home than it is currently worth. Keep in mind that the 5 to 6 percent cost of selling a home is shouldered by the seller and that isn’t reflected here. In spite of this, most underwater homeowners continue to pay their mortgage dutifully. Even in Las Vegas where 71 percent of homeowners are underwater, many by twice the current home value, only 14 percent are 90+ days delinquent. With so many homeowners underwater what implications will this have on the 2012 election?