In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.
Almost 10.7 million U.S. mortgages were “underwater” as of September, said research firm First American CoreLogic.
Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.
Negative equity, also called an “underwater” or “upside down” mortgage, has become more common as home values plummet. The report is closely watched because borrowers who are underwater are more likely to be foreclosed.
Source/Full Story: money.cnn.com
Related Items
- March 4, 2009 — More Than 8.3 Million U.S. Mortgages Are Under Water
More than 8.3 million U.S. mortgage holders owed more on their loans in the fourth quarter than their property was worth as the recession cut home va… - November 5, 2009 — Green shoots: Senate extends unemployment benefits by up to 20 weeks
After weeks of partisan debate, the Senate voted on Wednesday to lengthen unemployment benefits by up to 20 weeks and to extend the $8,000 homebuyer t… - May 7, 2009 — Almost a Quarter of U.S. Homeowners owe more than their properties are worth
A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first quarter, Zillow… - December 15, 2008 — U.S. homes lose $2 trillion in value during 2008
Source: money.cnn.com
American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report releas… - August 18, 2009 — Jobless spike compounds foreclosure crisis
The country’s growing unemployment is overtaking subprime mortgages as the main driver of foreclosures, according to bankers and economists, threaten…
