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It's only gets worse - underwater mortgage update

Fri Oct 31, 2008 04:10PM | By Tony

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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.

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