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Tuesday, December 14, 2010

Number of Underwater Mortgages Declines

Daily Real Estate News, December 14, 2010

The number of people with underwater mortgages has fallen to 10.8 million, representing 22.5 percent of Americans with a mortgage at the end of September, down from 11.3 million at the beginning of 2010, according to CoreLogic, a real estate research firm.

If home prices decline again, as some analysts believe they will, the number of underwater mortgages will climb again.

"It's a giant anchor that's holding back the economy," says Sam Khater, senior economist at CoreLogic. "Until that negative equity recedes, the housing market is not going to recover. It's as simple as that."

Source: The Wall Street Journal, Nick Timiraos and S. Mitra Kalita (12/14/2010)
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