Over ten percent (10%) of all mortgages are underwater, according to a new study by Moody’s. This means one in ten houses is worth less than the loans.
Nearly 8.8 million homeowners, or 10.3 percent, are in over their heads, its chief economist, Mark Zandi, estimates.
As a result, millions of U.S. homeowners have the incentive to abandon their properties.
What’s best? A short sale for these underwater mortgages? There’s no easy answer.
Post a Comment
You must be logged in to post a comment.