"Underwater" rate falls as foreclosures, home prices rise

08/9/2010 | CNNMoney

The percentage of homeowners who owe more on their mortgages than their homes are worth fell to 21.5% in the third quarter, down from 23.3% in the previous quarter, according to Zillow.com. The rate improved partly because many "underwater" borrowers lost their homes to foreclosure, and partly because home prices rose in some parts of the country, narrowing the loan-to-value gap.

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