Tuesday, November 24, 2009

One in Four Home Mortgages Is Under Water

The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23 percent, threatening prospects for a sustained housing recovery, the Wall Street Journal reported recently. Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real estate information company based in Santa Ana, Calif. Economists from J.P. Morgan Chase & Co. said Monday they didn't expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply. Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20 percent higher than their home's value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American.

Warmest Regards,

Bob Schaller

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