700,000 Borrowers No Longer Underwater on Mortgages

Real Estate Agent with Property Executives Realty

When mortgage borrowers have equity in their homes, they're less likely to fall into foreclosure since they have the home's value to tap if they run into a rough financial patch.

Thanks to improving home prices, fewer mortgage borrowers owe more on their homes than they are worth. More than 700,000 homeowners were no longer underwater on their homes during the first quarter, according to CoreLogic. According to the report, 11.4 million, or 23.7 percent, of mortgage borrowers were underwater on their homes at the end of March. That's down from the 12.1 million, or 25.2 percent, of borrowers who were underwater three months earlier.


To read more visit:  http://money.cnn.com/2012/07/12/real_estate/mortgage-borrowers/index.htm


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