1 In 5 U.S. Mortgages Are 'Underwater'
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According to research firm First American CoreLogic, 20% of U.S. mortgages are "underwater", meaning the balance on the mortgage is more than the value of the house.
The CoreLogic data was from the end of 2008, so it could be even worse than that now.
The firm said the phenomenon is not just happening in bubble markets, like California, Florida, Arizona and Nevada, but everywhere.
Another 2.2 million homeowners are within 5% of negative territory, according to CoreLogic.
The Obama administration is clearly aware of this issue and is now allowing certain borrowers to qualify to refinance under the Homeowner Affordability and Stability Plan even if they are underwater.
The CoreLogic data was from the end of 2008, so it could be even worse than that now.
The firm said the phenomenon is not just happening in bubble markets, like California, Florida, Arizona and Nevada, but everywhere.
Another 2.2 million homeowners are within 5% of negative territory, according to CoreLogic.
The Obama administration is clearly aware of this issue and is now allowing certain borrowers to qualify to refinance under the Homeowner Affordability and Stability Plan even if they are underwater.
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