From Eyewitness News comes a solid piece with tons of details on sellers who are underwater on their homes:
Homeowners find mortgages cost more than they can sell for
The real estate market is getting so bad that some homeowners are finding that
their mortgages cost more than they can ever sell their house for.
In March, sales of existing homes had their steepest decline since 1989 forcing sellers to drop their asking price by four times.
Susan Adkins of Trying to Sell Home says "You lose your investment in the house, but now we're going to lose significant equity too."Would be buyers with weak credit are also having a hard time getting loans.
Realtors add that prices have plummeted whether you're selling a house for $100 thousand dollars or $100 million dollars.