A new study from First Ameican CoreLogic estimates that 16 percent of Bellingham properties (or 6,619) are in negative equity (owing more than the property is worth) as of June 30.
Also, 21 percent of Bellingham properties are either near negative equity or already there.
While those sound like ugly statistics, it’s actually better than the U.S. avearge. According to the study, 32 percent, or 15.2 million mortgages, are in a negative equity position. That’s slightly lower than the end of March, which reflects the recent flattening of monthly home price changes, according to the report.
No wonder people continue to curtail spending. They can’t be feeling confident about the economy if: 1. They are unsure about their jobs; and 2. Their owe more on their home than what it’s worth.