Page 19 - Negative Equity News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Thousand a website dealing with real estate says one-fourth of the homes in the u.s. are in a negative equity location, a bad location to be. correspondent laura ingle tells us what it could mean for you and the people on your street. >> higher foreclosure rates could be on the horizon with 15 million american homeowners up side down in mortgage debt. >> there are a lot of people out there who are in houses where the mortgage, the amount they owe on the mortgage is significantly more than what they get if they would sell the house today. >> real estate website zillo.com released the housing re...

Or you refinanced, which a lot of people did and pulled the equity out, both those people had no equity in '06. by 2008 and 2009, the mortgage rates stayed in the 6s. the bottom line is when the rates came to the 5s and 4s, anybody who has negative equity is stuck with the 6 1/2% mortgages and banks won't refinance because of the negative equity. >> neil: that's holding back a lot of folks from taking advantage of the record. i can't believe that. when my wife and i bought our first place there was a one in front of that. it goes down lower, great opportunity to buy a house, but you're stuck w...

Conservative. they're really terrified about the licenses and the banks are putting pressure on them. >> neil: the banks, if they had three valuations or appraisals, they go with the lowest. >> that's right. the market drives that. >> neil: people who want to refinance, they can't. >> anybody to refinanced last year in the fives doesn't need to. if you have don't have a full percent saving it's not worth it because of the choosing costs. some poem people are locked out with negative equity. >> neil: that's why we're not seeing much. we're seeing a little bit. how does it look right now? >> we'...

Unemployment. so what's the right answer? >> well, i've written a book about this. it's a long story. the economy is is a complicated beast that has to be retooled constantly. we want free enterprise. the government is the rule setter for free enterprise. there's a lot more to be done. i think we should change the mortgage institutions to prevent a recurrence of this situation where we have 15 million households with negative equity in their homes. that's a financial mistake. >> but we have to connect all this stuff. so what should obama team do about this. if you ask me, i think they should h...

Rise and fall in prices. so these are xdbased, again, on unemployment. >> and we were just talking, the president is hoping like everyone else, honestly, that we'll see people get back to work. but in this report with mike viquiera that i did a short time ago, they're still expecting the unemployment rate to say high if that is the case. as you pointed out, one plus one equals two here, sadly, when it comes to foreclosures if you have the unemployment rate remain high. >> yeah. if the unemployment rate remains high and you have what's called the jobless recovery, then you're just not going to ...