30% of late baby boomers owe more than their homes are worth
A new report from the Center for Economic and Policy Research shows that, not surprisingly, Baby Boomers have watched their wealth evaporate during the recent economic beat-down. Since 2004, the median household between the ages of 45 and 54 saw its net worth decline by more than 45% since 2004, currently standing at a pitiful $80,000, including home equity. For those between the ages of 55 and 65, the losses were 38%, down to $140,000.
And here's the most startling statistic: "Nearly 30% of late baby boomers will need to bring cash to a closing to cover their outstanding mortgage and transactions costs."