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Homeowner Facts
Here are several key facts and circumstances that have evolved from the bursting of the U.S. housing bubble:
- In the past 5 years, approximately 4 million U.S. families have lost their homes to foreclosure.
- Almost 25% of U.S. homeowners owe more mortgage debt than their home is worth.
- Since 2006, median U.S. single-family home prices have dropped 30%.
- Total net U.S. homeowner equity is projected to go negative in 2013.
- The foreclosure epidemic is linked to increased crime, anxiety, and suicide.
- Researchers believe that children suffer more than anyone from foreclosures.
- Massive foreclosure fraud continues unabated in the U.S. today.
- Five U.S. banks recently agreed to a $25 billion mortgage fraud settlement.
- "Securitized" mortgage loans are those packaged, bundled and sold to investors.
- Many mortgages were pooled as part of many different derivative packages.
- The U.S. taxpayer, via the FDIC, is on the hook for derivatives in U.S. banks.
- U.S. foreclosures have averaged 1.6 million per year for the last 5 years.
- Over 90% of foreclosed properties in the U.S. are being held off the market.
- U.S. home ownership is at the lowest rate in nearly 50 years.
- The foreclosure rate for people over 75 years old grew eightfold from 2007 to 2011.
- 54% of CFPB complaints involve problems with mortgage loan modifications.
- U.S. new home sales fell 8.4% in June, 2012.
- HAMP was fundamentally designed to help banks, not homeowners.
- Over one million U.S. homeowners have now been kicked out of HAMP.
- Nearly 50% of borrowers under age 40 are underwater on their mortgage loans.
- 80% of Americans aren't refinancing or buying due to economic uncertainty.
- 32% of Americans believe it's OK to strategically default on home mortgages.
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