Underwater Homeowners Buying New Homes

July 28, 2010 by  
Filed under Underwater Homeowners Buying New Homes

Underwater Homeowners Purchasing New Homes

Blame the America dream for the ingenuity in this new trend that we are now seeing.  People are fixated on the fact of owning a home, even if they are currently upside down on their existing property.   Some people are trying to sell their existing homes at a loss (short sale) and purchase bigger homes at a similar cost in today’s market.

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Some experts say it makes a lot of sense, since homeowners can get out of bad, old mortgages and get into fresh, larger ones, without raising their monthly payment much. That’s because home prices have dropped and interest rates have gone so low.  What are your thoughts?

Housing Assist Coldwellbanker