It's only gets worse - underwater mortgage update
The situation with underwater mortgages did get worse. According to latest from Reuters, nearly 1 in 5 US mortgage borrowers owe more to lenders than their homes are worth. Worse yet, the rate may soon approach 1 in 4 as housing prices fall and the economy weakens. Some 7.63 million properties, or 18 percent, had negative equity in September, and another 2.1 million will follow if home prices fall another 5 percent, according to a report by First American CoreLogic. The 7 hardest hit states are Arizona, California, Florida, Georgia, Michigan, Nevada and Ohio, which combined had 64 percent of all underwater mortgages, but only 41 percent of US mortgages.
Fri Oct 31, 2008 04:10PM by Tony | More in Economy | Comments (0)
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