On The Level - The Home Improvement Blog
Category
Blogger
Date
About our bloggers
Contact our bloggers

Diminished home values are putting 1 in 4 mortgages underwater.

Not Out of the Water, Yet

 
Although many upbeat indicators suggest that emergence from the recession is well underway, a seemingly equal number of findings warn us that we're not out of the woods -- or water -- just yet.

The latest on the bad news side of the scale comes from CNN's Money section. The report declares that 10.7 million homeowners are stuck with properties that are valued at less than what is owed. That's 1 in 4 "underwater" mortgages.

What does this mean? We may see a high rate of foreclosures to continue into the foreseeable future.

The states with the highest rates of underwater mortgages were Nevada, Arizona, Florida, Michigan and California.

For the optimistic outlookers, there's hope that the rising home value trend will buoy many at-risk homeowners above the "waterline." I'll hop aboard that ship...or any that stays above water, for that matter.

Are you seeing a lot of foreclosures in your area? Tell us.








About  | FAQ  | Contact  | Sitemap  | Privacy Policy  | Terms of Use  | Help

© 2016 Renovate Your World LLC