Friday, October 31, 2008

New York Homeowners -- Smarter?

So... a New Yorker's first reaction to this plot is smugness. We're 50th in terms of oweing more or nearly as much as the equity in our homes. But, 50th is 6 %. That's more than one in every seventeen people -- if you look to your left, and you look to your right, and none of the eight homeowners on either side are underwater, you are.

This is something that should roughly never happen, in a world of responsible lending. Tax arrears are really the only thing that should put you here. But, it's more common than the flu.

If 6 % of the homeowners nationally were underwater or near underwater, we'd be in crisis. But, that's the state minimum by state.

Update: And, this should be said

But Wyss said this could change as financial market upheaval transforms Wall Street. This month, New York City Comptroller William Thompson estimated that the city alone might lose 165,000 jobs over two years.

"We're going to see home prices coming down pretty significantly in New York," Wyss said. "A lot of people are losing jobs, and won't be getting their usual bonuses, and that leaves less money for housing."

No comments: