Report: One in Five U.S. homeowners underwater
NEW YORK - One of every five U.S. homeowners owed more on their mortgage than their home was worth in the fourth quarter, a trend that poses a serious threat to the U.S. housing market’s recovery, real estate Web site Zillow.com said on Wednesday.
Homeowners with “underwater” mortgages are more prone to defaults and foreclosures. They typically do not qualify for refinancings and are unable to sell their homes because they would need to cough up cash at closing time to pay off their mortgage.
(Excerpt) Read more at msnbc.msn.com …
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