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New home sales across the U.S. fell by more than 11% in January 2010. It was the thirdconsecutive monthly decline. Worse, the decline took out all the prior gains from last year.

Maybe its about time that you contacted us at www.PacificNWHousingSolutions.com to helpwith your real estate needs.

Here is an article posted recently in the economic section of the paper. This informationis provided for educational content only and is not guaranteed for accuracy or

correctness.

January 15, 2010, 2:10 PM ET

Nonprime Borrowers With Negative Equity: Not a Pretty Picture

A new report sheds some light on the growing problem of negative equity, andunsurprisingly, the numbers do not paint a pretty picture.

The report by the Government Accountability Office, which was published last monthand released publicly on Wednesday, estimates that in 16 major metro markets, nearlysix in ten borrowers who took out subprime or Alt-A mortgages between 2000 and 2007owe more than their homes are worth.

The GAO uses the S&P/Case-Shiller index of 16 metro areas to estimate the share ofactive nonprime borrowers whose homes are underwater. In Las Vegas, some 94% ofthose borrowers who are still current on their loans have negative equity, followed byPhoenix (89%), Miami (86%), and Minneapolis (81%).

In those markets, more borrowers who bought new homes, as opposed to refinancingtheir mortgage, ended up with negative equity. Around 68% of borrowers who took outa new loan to buy a house have negative equity, versus 55% of borrowers whorefinanced and took cash out of their home and 50% of borrowers who refinanced butdidnt take out any cash.

Nationally, using a different data set from the Federal Housing Finance Agency, theGAO estimates that around one in four nonprime borrowers who took out loans between2000 and 2007 have negative equity.

GAO: Loan Performance and Negative Home Equity in the Nonprime Mortgage Market

Metropolitan area Estimatedpercentage with

negative equity

Las Vegas, NV 94.3
http://www.pacificnwhousingsolutions.com/http://www.gao.gov/new.items/d10146r.pdfhttp://www.gao.gov/new.items/d10146r.pdfhttp://www.pacificnwhousingsolutions.com/


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Phoenix, AZ 89.4

Miami, FL 85.8

Minneapolis, MN 80.6

Tampa, FL 78.6

San Diego, CA 71.9

Chicago, IL 67.1

Washington, DC 64.0

Los Angeles, CA 63.8

Atlanta, GA 59.7

San Francisco, CA 59.6

New York, NY 25.8

Seattle, WA 25.0

Boston, MA 23.1

Portland, OR 12.7

Denver, CO 9.3

Total 59.7

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nonprime borrowers with negative equity not a pretty picture.pdf 15

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