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03-05-2009, 02:43 AM #1
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More Than 8.3 Million U.S. Mortgages Are Under Water (Update
More Than 8.3 Million U.S. Mortgages Are Under Water (Update3)
By Dan Levy
March 4 (Bloomberg) -- More than 8.3 million U.S. mortgage holders owed more on their loans in the fourth quarter than their property was worth as the recession cut home values by $2.4 trillion last year, First American CoreLogic said.
An additional 2.2 million borrowers will be underwater if home prices decline another 5 percent, First American, a Santa Ana, California-based seller of mortgage and economic data, said in a report today. Households with negative equity or near it account for a quarter of all mortgage holders.
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