Monday, August 15, 2011

26% of mortgage borrowers are underwater

That's the highest percentage of Americans with a negative view of the country's economic shape, according to Fannie Mae, which began the survey in the first quarter of 2010.
What's more, negative equity levels continue to rise nationwide as house prices remain suppressed. In the second quarter, 26% of mortgage borrowers were underwater, or owed more than the property is worth, compared to 23% in the first quarter.
And first time homebuyers age groups
The survey studied consumer confidence across generational lines and found 51% of Gen X (ages 35 to 44) claim it would be hard for them to qualify for a mortgage. When looking at Generation Y (ages 18 to 34) —  the cohort most likely to be first-time homebuyers— the number rises to 59%.
Even though pessimism abounds across the market, the younger cohort seems more optimistic about the future. Fifty-seven percent of Generation Y participants said they expect their personal situation to improve over the next year, compared to 42% in Gen X and 35% of baby boomers
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