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.
Tuesday, March 8, 2011
U.S. Crude Down on OPEC Talks of Output Boost
U.S. crude oil prices fell Tuesday following a statement by Kuwait's oil minister that OPEC may consider increasing production output to supplement Libya's disrupted supply.Though crude prices are down from their highest level since September 2008, they have risen above today's early low of under $104 a barrel, according to Reuters.
Investors, however, remain worried about oil supply, awaiting the release of oil inventory data and as the OPEC has yet to come to a definite conclusion. The American Petroleum Institute (API) will issue its weekly inventory report at 4:30PM EST on Tuessday.
Investors, however, remain worried about oil supply, awaiting the release of oil inventory data and as the OPEC has yet to come to a definite conclusion. The American Petroleum Institute (API) will issue its weekly inventory report at 4:30PM EST on Tuessday.
Gold and Silver at Record High amidst Libya Crisis
Gold hits all time record high ; silver at 31-yr high
Trading sentiments for the yellow metal turned bullish on heavy buying support, following turmoil in Libya and surging crude oil prices. While gold surged Rs 200 to Rs 21,420 per 10 grams on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues. However, such a rise has hardly made any difference in the enthusiasm of Indian buyers.
Trading sentiments for the yellow metal turned bullish on heavy buying support, following turmoil in Libya and surging crude oil prices. While gold surged Rs 200 to Rs 21,420 per 10 grams on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues. However, such a rise has hardly made any difference in the enthusiasm of Indian buyers.
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