A new study indicates that by 2011 nearly half of American homeowners will have a house worth less than what they owe on the mortgage. When more is owed, than what the house is worth, it's called being under water. One-fourth of U.S. homeowners are estimated to be under water on their mortgages already. NPR
Morning Edition, June 11, 2009 ·After facing tight budgets in recent years, many city and county governments now see a new financial time bomb in their future.
In states like Florida, California and Nevada, the collapse of the housing market has driven down home values dramatically. That means lower property tax revenue. Counties across the country say property tax collections may decline by 10 percent or more over the next few years.
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