Zillow: Percentage of underwater mortgages increases

Nearly a quarter of U.S. mortgage holders owe more money than their house is worth, according to a report by Zillow. In the third quarter of 2010, the percentage of those underwater rose to 23.2 percent, up from 21.7 percent a year ago.
By Todd Loesch, Housing Zone Contributing Editor | November 12, 2010

Nearly a quarter of U.S. mortgage holders are underwater, meaning they owe more money than their house is worth, according to a report by Zillow.

In the third quarter of 2010, the percentage of those underwater rose to 23.2%, up from 21.7% a year ago. This means that nearly 13.9 million homes now have negative equity. Some say it could be another eight to 10 months before those numbers decline. And some experts think the worst is yet to come.

One-quarter of homes [with mortgages] with negative equity is a huge number, but I don’t believe this will hit bottom until June or July,” says Cameron Findlay, chief economist at LendingTree.com.

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