A New Kind of Underwater In NC

Wall Street Journal has an interactive map of the United States that shows where people are "underwater" on their mortgages. Underwater is a new term for me.  I always heard upside down, but the meaning is the same - the house is now valued at less than is owed. The percentages shown on the map are only houses purchased in the last five years.

I was disappointed but not surprised to see Orange County, NC on the map.

Only 10% of homeowners are underwater this week.  That's nowhere near as bad as Orange County, California where 40-80% of homeowners are underwater. But that number could change if housing prices decrease, the percentage does not include people who may be underwater and bought six or seven years ago and the last five years saw an awful lot of houses constructed and purchased as well existing and changing hands in Orange County.  It begs the question just how many families is that?

Map here for your viewing pleasure:

http://online.wsj.com/article/SB122341352084512611.html#project%3DUnderwater0809

 

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