News Mixed in Unemployment Report

Response to post #10 (and others): A blurb from (though I don't generally trust the alphabet agencies) - Nearly one in six homes -- roughly 12 million households -- are underwater or "upside down," and it is a growing problem. "All indications are that prices are still falling, and if they fall anywhere close to what the consensus believes they will, we'll have 15, 16 million homeowners underwater by this time next year," said Zandi. Also, this site: sources the Wall Street Journal by saying "Not surprising, but sobering numbers… The Wall Street Journal reports that the number of people underwater on their mortgages (those who owe more than the property is currently worth), has increased to 23% nationally. Arizona is second only to Nevada with 47.9% of all home owners with a mortgage having negative equity in the third quarter of 2009. Another 4.5% are classified as “near negative” – within 5% of being in a negative equity position. (Nevada is at 65% / 3.7%) Yep, drive through a neighborhood in Arizona and statistically speaking, every other house you drive by is worth less than what is owed on it. Drive through a development built in the last five years and the odds are outstanding that every homeowner is underwater."
— February 14, 2010 7:39 a.m.

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