40% might walkaway from "UNDERWATER" mortgage!

40% might walkaway from "UNDERWATER" mortgage!

40% might walkaway from "UNDERWATER" mortgage!

Could this mean the 60% are either in Foreclosure or Lost their homes!

Survey: 4 in 10 homeowners would consider walking away from ‘underwater’ mortgage

MIAMI – May 21, 2010 – More than 40 percent of homeowners with a mortgage say they would consider abandoning an “underwater” property, according to a national online survey released Thursday.

The study conducted this month by Harris Interactive for real estate firms Trulia and RealtyTrac touched on a topic that affects many South Floridians.

More than 371,000 homes in Palm Beach, Broward and Miami-Dade counties were worth less than the mortgage amount at the end of the first quarter, Zillow.com said recently.

Pete Flint, chief executive of Trulia, said on a conference call with reporters he “absolutely expects” more homeowners to walk away in the coming years as the stigma of foreclosure fades.

This is the fifth such survey of consumer attitudes since 2008, but the first time questions about underwater mortgages were included, Flint said.

Because South Florida home prices have fallen by more than 40 percent since the peak of the housing boom in 2005, underwater borrowers here may have to stay put for a decade or more until they can break even in a sale, housing experts say.

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