[Princess Zoe]

I figure we are about 24% underwater. We do not plan to walk away for sure. It's scary how bad it is.

The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.

The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.

The rest is at:

http://finance.yahoo.com/real-estate/article/107041/House-Price-Drops-Leave-More-Underwater

 

[jzgrlduff]

I am thankful everyday that we got such a low price on our house 10 years ago. It's worth twice what we owe on it right now.

I feel bad for people that are in over their heads, it's got to be such a scary feeling.

 

[Labs4life]

When I bought this house 4 years ago we could have afforded much more house than we bought. Our area doesn't see the peaks and valleys of housing prices it's fairly stable, but when I was watching housing prices nationally I was thinking it was insane.

 

[Princess Zoe]

I didn't think we over payed for our house at all. It's just soooo bad in Michigan. I do believe we are the big winners for unemployment.

 

[Aim]

That really stinks.

Michigan's real estate has been bad for many years before this recession. Michigan has been feeling it for at least the last 3 years or so.

 

[MumtoEllie]

I am upside down in my mortgage as well. I did all my homework before I bought so I have no problem making my monthly payment. However, it just sucks that I could have spent alot less money had I waited two years.

On the bright side, if I had waited, I would not have my awesome pupper, nor would I have my daughter!

 

[Di]

I am thankful everyday that we got such a low price on our house 10 years ago. It's worth twice what we owe on it right now.

I feel bad for people that are in over their heads, it's got to be such a scary feeling.

I'm with you! I feel bad for folks who are in this predicament, but thankful that I have been in the same house for 16yrs. and we are 2 yrs from having it payed off. We really want to sell- just trying to figure out the right time.