A new housing market report contains a troubling statistic, showing the number of seriously underwater U.S. homeowners. have contributed to the increase. And while it’s a trend to watch, he says it.
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Percentage of underwater homeowners still growing.. (not all homeowners have mortgages).. about 2.4 million underwater homeowners owe more than double what their home is worth. In the Las.
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Zillow: 4.5 Million US Homeowners Still Under Water on Mortgages. Cleveland, OH 49,554 13.0% 22.0% 28.2% Cincinnati, OH 37,859 9.4% 15.8% 27.6% Las Vegas, NV 29,385 9.9% 14.7% 27.5% Minneapolis-St Paul, MN 38,535 6.4% 12.0% 26.7% Atlanta, GA 93,663 9.9% 16.4% 26.3% Phoenix, AZ 61,917 8.7% 14.8% 26.0% Milwaukee,
In situations like an underwater mortgage, your lender or loan servicer should be the first to know about your struggles. They know better how you can stay on top of the situation, e.g. whether you qualify for a refinance and so forth. Despite owing more than your home is worth, you should continue making payments toward your underwater mortgage.
Further, an estimated 6.4 million of the 56 million mortgages held in the United States are still severely underwater. Millions more are less severely underwater or just barely “above.” Many of these mortgages were underwritten at the height of the boom. Since then, the home values, and in many cases the incomes, of these borrowers have fallen.
Some 5.4 million homes, or 10.4 percent of all homes with a mortgage, were still in a negative equity position, or "underwater," in the fourth quarter of 2014, according to CoreLogic, as their owners owe more on the mortgage than the home is currently worth.
Underwater Mortgage: A home purchase loan with a higher balance than the free-market value of the home. This situation prevents the homeowner from selling the home unless s/he has cash to pay the.