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More than 1/5 of US Home Mortgages Underwater
A short sale is a great option for homeowners that need to sell their homes, but unfortunately owe more on the home than they can sell it for. Even those who ARE NOT delinquent on their mortgage can possibly qualify for a short sale. More Than One-Fifth of Mortgages Underwater: Report 09/13/2011 By: Phil Britt 10.9 million, or 22.5 percent, of all residential mortgages had negative equity at the end of the second quarter of the year, according to a report released Tuesday by the analytics firm CoreLogic. The figure is actually a slight improvement from the 22.7 percent of all mortgages with negative equity in the first quarter of 2011. An additional 2.4 million borrowers had less than 5 percent equity in the second quarter, according to the report, which also shows that nearly three-quarters of homeowners in negative equity situations are also paying higher, above-market interest on their mortgages. The states that had the most inflated property values before the housing bubble burst, and Michigan, which continues to suffer from the fall off of the automotive and manufacturing industries, had the highest negative equity percentages. Nevada held the top position in terms of negative equity with 60 percent of ... more

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