Report: Nearly one in every four U.S. mortgages is underwater

02/24/2010 | CNNMoney

First American CoreLogic released a report Tuesday showing that 24% of all U.S. homeowners are underwater with their mortgages. Nevada ranked worst of all 50 states, where 70% of owners owe more on their loans than their homes are worth. "Negative equity is a significant drag on both the housing market and on economic growth," said Mark Fleming, chief economist with First American CoreLogic. "It is driving foreclosures and decreasing mobility for millions of homeowners."

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