Study Finds 20% of Mortgages Underwater
March 4, 2009
According to Reuters News nearly 20 percent of home owners owe more on their homes than their properties are worth, finds a new study by First American CoreLogic.
About 8.31 million properties were underwater at the end of 2008, up 9 percent from 7.63 million at the end of September.
Corelogic predicts about 2.16 million properties will be underwater if home prices fall another 5 percent.
The problem is the worst in Arizona, California, Florida, Georgia, Michigan, Nevada, and Ohio.
Nationwide, 68 percent of U.S. adults own their own homes, and about two-thirds have mortgages.
Entry Filed under: Market Update. .
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