SAY IT AINT SO!

Of 47.4 million home mortgages nearly 10.7 million homes have home loans that are greater than the present value of the house. 2.3 million Mortgages are near negative equity.

In Nevada outstanding mortgages are at an estimated $132. 6 billion against a property worth $116.7 billion: a loan-to-value ratio of 116%.

While California has a loan-to-value ratio of 72%, Arizona is at 91% loan-to-value ratio, and Florida is at an 87% loan-to-value ratio. That’s a recipe for disaster!

The Government’s own rescue attempts of Freddie Mac and Freddie Mae along with FHA are dead in the water.

The Government’s Bank Deposit Insurance Agency-the FDIC says that it has nor more reserves to offset the next and rapidly approaching bank failures.

ForeclosurePlus.com ( ForeclosurePulse.com )has an interesting map of the parts of the country that are being hit the hardest by home foreclosures. Most of the areas suffering are either in rapidly-growing Sun Belt communities or chronically-depressed areas of the Rust Belt.

This includes the exurbs around L.A., Phoenix, Las Vegas, Atlanta, D.C.* and South Florida, and then suburbs surrounding Detroit. The Great Plains and the Pacific Northwest seem to be the least affected. (*D.C. isn’t the Sun Belt, but its exurbs have the rapid-growth feel of Southern cities like Atlanta and Charlotte).