Thursday, October 23, 2008

Homeowners "Under Water" As They Owe More Than Their House is Worth

A recent Reuters article chronicles a problem many homeowners are now facing, as they find themselves “under water” – owing more on their mortgages than their homes are worth. In fact, nearly one in six U.S. homeowners are finding themselves dealing with negative equity home values, which could further threaten the U.S. economy with a new wave of foreclosures and bankruptcies. New data from Moody’s says that approximately 12 million homeowners owe more than their house is worth.

Read more here.

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