- Jan 16, 2002
- Professional Status
- Certified General Appraiser
Homeowners also could be hurt by falling prices. Real estate prices have held up well across most of the country in the last few years, thanks to low interest rates that have boosted prices and let owners refinance mortgages at substantial savings. This happy scenario could change in a serious economic downturn, or, more likely, if a specific market becomes overbuilt with new homes. In Japan, many homeowners now owe more on their mortgages than their homes are worth.
Lately I've been seeing more and more of this kind of information/opinion. The article is, of course, simplistic, but troubling, all the same.