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Housing Starts Highest In Nine Months

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buzorro
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« on: February 24, 2010, 09:01:06 pm »

Underwater Mortgages Hit 11.3 Million

New data from First American CoreLogic shows why the solution to the problem banks face is so difficult to find. Eleven million, three hundreds thousand homes had underwater mortgages as of the fourth quarter of last year. That number represent 24% of all residential homes loans in America.The mortgage numbers are much worse when homes with equity of less than 5% are included. First American reports that ”an additional 2.3 million mortgages were approaching negative equity at the end of last year, meaning they had less than five percent equity.” That means that three out of ten homes have virtually no financial value to their owners.

http://247wallst.com/2010/02/23/underwater-mortgages-hit-11-3-million/
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