Comments on: Report: ‘Underwater’ Home Equity Average is $70K

By: Kevin Simpson

Kevin Simpson — Thu, 26 Nov 2009 17:20:59 +0000

Too bad for those who invested in the past and now are suffering in underwater. This is one of the worse effects of the crisis

By: Mortgage Crisis

Mortgage Crisis — Thu, 26 Nov 2009 00:17:20 +0000

A friend of mine here in Florida was one of the speculators. He bought 7 houses in 2006-2007. Needless to say he is tens of thousands underwater on each house. I feel sorry for the guy, but I warned him. Even for those of us who bought right, it’s still hard to find good tenants.

By: gastar

gastar — Wed, 25 Nov 2009 20:47:12 +0000

The interesting thing about this article is that these were the states (CA, NV, FL, AZ) in which real estate prices soared due to rampant speculation and flipping. There were many examples where a house would be flipped in less than 2 weeks at a $15,000, $50,000 and more profit. The local people were caught up in the spiral and unfortunately are left to the consequences of home prices returning to norm. Chaulk up another one for the excesses of our cherished capitalism. However, my guess is that many of the houses under water belong to these speculators, and I don’t feel too sorry for them.