There are few places in the U.S. where the Mortgage crunch has hit harder than here in Michigan. Sam Khater at first American core logic says the crisis has been concentrated in 6 states, where about 58% of all homes that are in a negative equity situation are located. That’s when the homeowners actually owe more on the home than its currently worth.
West Michigan Realtor Dean Prince hopes the worst is over and preaches patience for those making an investment on a home purchase.
Nationwide…7.5 million homeowners, or about 18% are in that negative equity position.
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