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They said that over 50% of the people who bought during the peak of the housing market are now upside down in their mortgages.
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I'm really surprised it's not more than that considering nobody was putting any money down.
Every single one of my friends is upside down/ in the red/ owes more than their house is worth. Some bought in '04, some in late '07.
The quarterly home value reports they were referring to on CNN can be found here.
yeah, i've got some friends in northern va
they bought 1 year ago, closed may 30
they're 40K+ under water
they went from looking for a bigger place to rent
to buying a house in a weeks time
so i didn't really have the chance to warn them
they should be ok in 10 years
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