Cities with the Most Homes Underwater

By: dzhengcici Mood: Other Date: May 29, 2012 Music: None

Cities with the Most Homes Underwater

 abercrombie and fitch outletMortgage debt continues to be a major issue in the United States, nearly six years after home prices peaked, according to a report released Thursday by online real estate site Zillow. Americans continue to owe more on their homes than they are worth. Nearly one in three mortgages are underwater, amounting to more than 15 million homes and a total negative equity of $1.19 trillion.In some of America’s largest metropolitan regions, however, the housing crash dealt a far worse blow. In these areas — most of which are in California, Florida and the southwest — home values were cut in half, unemployment skyrocketed, and 50% to 70% of borrowers now find themselves with a home worth less than the value of their mortgage. 24/7 Wall St. reviewed the 100 largest housing markets and identified the 10 with the highest percentage of homes with underwater mortgages.Svenja Gudell, senior economist at Zillow, explained in an interview with 24/7 Wall St. that the markets with the highest rates of underwater borrowers are in trouble now because of the rampant growth seen in these cities prior to the recession. Once home prices peaked, which was primarily in late 2005 through 2006, all but one of these 10 housing markets lost at least 50% of their median home value.Making matters worse for families with high negative equity in these markets is the increased unemployment. “If you have a whole lot of unemployment in an area, you’re more likely to see home values continue to decline in the area as well,” says Gudell. While in 2007 many of these markets had average or below average unemployment rates, the recession took a heavy toll on their economies. By 2011,

abercrombie outleteight of the 10 markets had unemployment rates above 10%, and three — all in California — had unemployment rates of above 16%, nearly double the national average.24/7 Wall St. used Zillow’s first-quarter 2012 negative equity report to identify the 10 housing markets — out of the 100 largest metropolitan statistical areas in the country — with the highest percentage of underwater mortgages. Zillow also provided us with the decline in home values in these markets from prerecession peak values, the total negative equity value in these markets and the percentage of homes underwater that have been delinquent on payments for 90 days or more.These are the cities with the most homes underwater.54. He appears as a soloist on "The Lord of the Rings: Complete Songs and Poems" box set which compiled all of the songs from Tolkien's book series.55. In 2006, he released the solo album "Revelation," performing classics like "Little Drummer Boy," "Silent Night" and "My Way."56. In 2010, he released "Charlemagne: By the Sword and the Cross," a symphonic metal concept album where he performs as the Roman Emperor.57. The album featured two metal bands, a collection of guest vocalists and a 100 piece orchestra. 58. "Charlemagne" earned him the "Spirit of the Hammer" award from Metal Hammer Magazine; he had the award presented to him by Tony Iommi of Black Sabbath.59. He's a fan of American metal band Manowar and provided narration on the re-recording of their song "Dark Avenger." (A narration originally done by Orson Welles.)60. He suffered a permanent hand injury thanks to a drunken Errol Flynn during a sword fight in "The Dark Avenger" -- and he continued filming.61. He recorded a video for the Earthshaker heavy metal festival in 2005, proclaiming "Heavy metal will never die." 62. He is also a fan of Italian metal band Rhapsody

 abercrombie sale and recorded an introduction to their song "Unholy Warcry." 63. Then he teamed up with them on the single "The Magic of the Wizard's Dream."64. This video exists: 65. He has also recorded French, German and Italian versions of "Wizard's Dream." 66. He provided guest vocals on the Euro-disco single "Little Witch."67. He received an Academy Fellowship, the BAFTA lifetime achievement award, in 2011.68. For his contributions to the film and television industry, he received a Commander of the Order of the British Empire in 2001. 69. Then in 2009, he was honored as Knight Bachelor of the Order of the British Empire ,for his artistic and charitable efforts. 70. Additionally, he is a Commander of the Order of St. John of Jerusalem and was also named an Officier des arts et lettres by the French cultural minister. 71. Way back in 1979 -- before his "Star Wars" and "Lord of the Rings" work -- he had been rewarded with the Life Career Award from the Academy of Science Fiction, Fantasy & Horror Films.72. Oh yeah, he's also received lifetime achievement awards from SFX Magazine, Empire Magazine, Italy's Fantafestival, Portugal's Festróia International Film Festival, the Evening Standard British Film Awards and the Seattle Film Critics Awards.73. In 2004, he was made an honorary citizen of Casina, Italy, the home of his ancestors.74. Those ancestors just happen to be nobility who resided in the castle Sarzano. 75. His great-grandparents were the founders of the first opera company of Australia. 76. His mother was regarded as a subject of beauty and painted and sculpted by several artists during the Edwardian era. 77. He has been happily married to Danish model Birgit "Gitte" Kroencke since 1961. 78. He was friends with billionaire industrialist Jean Paul Getty, and got to use Getty's residence at the Sutton Place estate for his honeymoon.