{"id":199668,"date":"2007-07-06T06:26:00","date_gmt":"2007-07-06T11:26:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/07\/06\/where-people-will-find-themselves-under-water-with-their-mortgages\/"},"modified":"2007-07-06T06:26:00","modified_gmt":"2007-07-06T11:26:00","slug":"where-people-will-find-themselves-under-water-with-their-mortgages","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/07\/06\/where-people-will-find-themselves-under-water-with-their-mortgages\/","title":{"rendered":"Where People Will Find Themselves Under Water with Their Mortgages"},"content":{"rendered":"

Under water means owing more than it is worth.
<\/a><\/p>\n

Top 10 Places Where the Housing Bubble Will Bust<\/a><\/span>
The current housing bubble first reared its ugly head in 1997. Prices began to climb so rapidly that they quickly became unaffordable for potential buyers making the median household income. By 2006, some of the air started being released from the bubble, and now the balloon is on the verge of busting.<\/span><\/p>\n

What Goes Up…Must Come Down<\/span>
Experts say that prices need to fall to 1997 levels to be sustainable.<\/span> <\/p><\/blockquote>\n

Which experts? Nice Chart though. Also, there is always<\/span> an overshoot.<\/p>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro Area <\/th>\n 2007 Price <\/th>\n 1997 Price* <\/th>\n % Decline to Return to 1997 Prices<\/th>\n<\/tr>\n
SF-Oakland-Fremont, CA <\/td>\n $748,100 <\/td>\n $288,484 <\/td>\n 61.4<\/td>\n<\/tr>\n
Miami-Ft Lauderdale, FL <\/td>\n $385,300 <\/td>\n $148,900 <\/td>\n 61.3<\/td>\n<\/tr>\n
Riverside-San Bernardino, CA <\/td>\n $404,400 <\/td>\n $157,011 <\/td>\n 61.1<\/td>\n<\/tr>\n
Sarasota-Bradenton, FL <\/td>\n $337,000 <\/td>\n $135,977 <\/td>\n 59.6<\/td>\n<\/tr>\n
Los Angeles, CA <\/td>\n $589,800 <\/td>\n $241,976 <\/td>\n 58.9<\/td>\n<\/tr>\n
San Diego, CA <\/td>\n $595,200 <\/td>\n $249,553 <\/td>\n 58.0<\/td>\n<\/tr>\n
Orange County, CA <\/td>\n $697,300 <\/td>\n $293,362 <\/td>\n 57.9<\/td>\n<\/tr>\n
San Jose-Sunnyvale, CA <\/td>\n $788,000 <\/td>\n $390,660 <\/td>\n 50.4<\/td>\n<\/tr>\n
Nassau-Suffolk, NY <\/td>\n $479,800 <\/td>\n $240,933 <\/td>\n 49.7<\/td>\n<\/tr>\n
Sacramento, CA <\/td>\n $365,500 <\/td>\n $196,738 <\/td>\n 46.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*1997 prices have been adjusted at the general inflation rate and are reported in 2007 dollars.<\/i><\/p>\n<\/blockquote>\n

<\/i><\/p>\n

Note also, that anyone who got a conventional old fashioned mortgage, 20% down, fixed rate, will be under water<\/span> in these locations, and in many more not shown.<\/p>\n

For those with interest only, no money down, negative equity, 5% down, etc., these numbers will be much higher.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Under water means owing more than it is worth. Top 10 Places Where the Housing Bubble Will BustThe current housing bubble first reared its ugly head in 1997. Prices began to climb so rapidly that they quickly became unaffordable for potential buyers making the median household income. By 2006, some of the air started being …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,973,1265,1088],"tags":[],"class_list":["post-199668","post","type-post","status-publish","format-standard","hentry","category-bubble","category-economy","category-housing-crash","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199668"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=199668"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199668\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=199668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=199668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=199668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}