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10-22-2008, 05:38 PM
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changed his status to single
Join Date: Apr 2004
Location: Right behind you. No, the other side.
Posts: 10,308
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Just to clarify, a lot of folks are under water that had serious amounts of equity before. At one point in my rental home I was sitting on 23% real equity due to money down and improvements to the property. I'm now sitting 38% under water due to foreclosures and lack of sales in the area. Not all underwater homes are that way because of 100% mortgages or buying more property than they can afford.
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