Economic Report: Twenty Percent Of U.S. Home Mortgage Holders Owe More Than Homes Are Worth - 05/19/09
Submitted by Doug Cunningham on May 18, 2009 - 4:14pm
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A recent study suggests 20 percent of U.S. homeowners owe more on their mortgage than their homes are worth. The result, according to an article this weekend in the Wall Street Journal is more homeowners “underwater” making it difficult to refinance, sell their homes, or take advantage of lower interest rates. According to zillow.com 20.4 million borrowers were “underwater in the first quarter, up 4.1 million just one quarter prior.
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