The number of Americans who still owe mortgages worth more than their homes rose at the end of last year, according to a CoreLogic report released on Tuesday.
Approximately 11.1 million homes, or 23.1% of all mortgaged homes, were underwater in the fourth quarter of 2010. That figure is up from 10.8 million, or 22.5% of homes, in the July-September quarter prior.
Although the number of underwater mortgages have fallen in the previous three quarters, the report cites an uptick in foreclosures, meaning many homeowners of those underwater mortgaged houses defaulted on their payments.
Underwater mortgages typically go hand in hand with falling home prices. Housing prices hit their lowest point in December in 11 out of 20 major U.S. metro areas since the housing bubble burst.
The Associated Press reports that, in a healthy market, usually only around 5% of households are underwater.
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Showing posts with label Underwater Mortgages. Show all posts
Showing posts with label Underwater Mortgages. Show all posts
Tuesday, March 8, 2011
Monday, December 6, 2010
When to Walk Away From a Mortgage
University of Arizona Professor Brent White on what you should do if you owe more than your home is worth.
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Underwater Mortgages
Monday, November 1, 2010
15M Mortgages Underwater
FNC legal analyst Bob Massi discusses why millions of Americans can't afford their homes.
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Underwater Mortgages
Tuesday, October 6, 2009
Underwater Mortgages
An underwater mortgage situation is when a property owner chooses to refinance an existing mortgage. Lenders may offer the option of borrowing on the existing equity in the property. In some instances, this can be a workable option, assuming there is a large amount of equity built up. However, if the amount of equity is relatively small, this solution can quickly lead to a level of debt on the property that exceeds the current market value. When this takes place, the property owner is essentially in an underwater mortgage situation
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Underwater Mortgages
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