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And the WORD for Today is:
Upside down—refers to a situation when a consumer owes more on a house than the mortgage pay-off. Also called Underwater.
Underwater—relative to housing—this is a term which means a home cannot be sold on the open market today for enough money to pay-off the existing mortgage. There are a number of factors which might contribute to this being the case; an over-supply of houses in this price point perhaps because of over building, a limited supply of buyers for this type house, lack of easily affordable financing, a declining market because of excessive foreclosures, or various other factors might impact the seller’s ability to get an offer for as much as the current indebtedness on the property.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
Upside down—refers to a situation when a consumer owes more on a house than the mortgage pay-off. Also called Underwater.
Underwater—relative to housing—this is a term which means a home cannot be sold on the open market today for enough money to pay-off the existing mortgage. There are a number of factors which might contribute to this being the case; an over-supply of houses in this price point perhaps because of over building, a limited supply of buyers for this type house, lack of easily affordable financing, a declining market because of excessive foreclosures, or various other factors might impact the seller’s ability to get an offer for as much as the current indebtedness on the property.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
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