Scotty Van Voorhis is out today with a story that, pretty much, is about nothing.
A small but growing number of Boston area condo and homeowners are finding themselves â€œupside down.â€?
Thatâ€™s real estate parlance that describes what happens when homeowners owe the bank more money than their houses are worth.
And in a real estate market where home values are declining, itâ€™s leaving some people who are trying to sell their homes facing a jam. Homeowners whose mortgage covers most of the original purchase may walk away from a sale owing to the bank a big chunk of change.
Mr. Van Voorhis includes two apparently “real-life” examples, but, pretty much, this is an unheard-of occurrence.
When he says, “a growing number”, he has no data to back it up.
There have probably always been people who bought too high and can’t sell.
Not only that, if you bought a property two years ago, do you really think you should be guaranteed a higher price, now?
Source: Housing market upside down: More homes selling below purchase price – By Scott Van Voorhis, The Boston Herald