This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

In this article, it is stated:

More than 30 percent of U.S. homeowners who bought in the last two years owe more on their mortgage than their house is currently worth, a housing market research company said on Tuesday.

The housing market peaked in most U.S. markets in the last two years. Of home buyers in 2006, 39 percent of those with a median 10 percent down payment now have negative home equity similar to 30 percent of those who purchased in 2007, said online company Zillow in its quarterly home value report.

If Zillow, who are notoriously known for hyper-inflating house values says that homeowners are underwater, then things are bad out there! Like I say, Johnny-on-the-spot gets the money, Johnny-come-lately gets the shaft. If you got into and out of the housing “Musical Chairs” game while the music was still going, you made out like a bandit. Sucks to be you if you’re one of the people scrambling to find a chair now.

Look for more people to just walk away from this game in 2008.

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com