Underwater Mortgages on the Rise

In some more disturbing news for the housing industry, CoreLogic announced a rise in underwater mortgages at the end of the year as home prices continue to decline. For those of you who don’t know what an underwater mortgage is, it’s when a borrower owes more on their mortgage than the house is actually worth.

“CoreLogic says about 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter. That’s up from 22.5 percent, or 10.8 million households, in the July-September quarter.”

Read the full post.

 

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1. Home Sales on the Rise? Only if You’re Rich
2. Home Prices Continue to Decline
3. New Home Construction on the Rise
4. Existing Home Sales Trending Upward

Tags: real estate news, underwater mortgages, home prices decline, housing industry, corelogic