A staggering report that I just read in today's Wall Street Journal: The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23% Here are some other great stats from the same article:

  • Economists from J.P. Morgan Chase & Co. said Monday they didn't expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply
  • Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value
  • Most U.S. homeowners still have some equity, and nearly 24 million owner-occupied homes don't have any mortgage
  • About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay — more than double the number in 2007
  • More than 40% of borrowers who took out a mortgage in 2006 — when home prices peaked — are under water

So what does this mean for you, as a real estate investor? Well as I have been saying for months now, it's still not too late to get into the preforeclosure business.  There's a lot of money to be made buying and selling short sales, doing loan modifications and debt settlement.  If you're unsure where to start the best place is my free CD, which you can grab as long as you're willing to pony up the $7.95 for shipping and handling. Don't forget that it comes with a free strategy session, where I'll personally build a strategy for you and help you make big profits during the foreclosure crisis.  There has never been a better time to invest in foreclosures.  What are you doing to profit in this market?

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