Nearly a quarter of U.S. homeowners are "underwater"

11/24/2009 | Wall Street Journal, The

About 23% of U.S. homes have a higher mortgage balance than the property is worth, according to First American CoreLogic. The nearly 10.7 million households with negative equity present a huge obstacle to residential-housing recovery. Homeowners with an "underwater" mortgage are more likely to allow their property to go into foreclosure.

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Wall Street Journal, The

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