Black Money and Black Wealth, made simple

Black wealth, African American money: the future for Black America

Black News: Homeowners Walking Away from Mortgages

Image: Benjamin Koellmann

updated 12:25 a.m. ET, Wed., Feb. 3, 2010

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.

Click to read.

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February 3, 2010 - Posted by | Uncategorized

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