More Borrowers underwater on mortgages will affect Sedona Homes for Sale

Well, CNN Money just came out with the following newswire - "More Borrowers Underwater on Mortgages". This in itself will continue to affect the home values in Sedona Homes for sale pulling the market downward even more. The article goes on to say, that with home prices still dropping in some areas during the last three months of 2010, more home owners are now finding themselves underwater on their mortgage, according to Zillow.com quarterly survey. Twenty-seven percent of home owners with mortgages nationwide owe more than what their homes are valued--a 23.2 percent increase from just one quarter earlier. Underwater mortgages often lead to foreclosure and higher foreclosure rates likely will soon follow, Stan Humphries, chief economist at Zillow, told CNNMoney. So even though Sedona Homes for sale historically doesn't have a high percentage of foreclosures - those foreclosure continue to pull the market downward and will continue to do so for some time.

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