‘Underwater’ American homeowners still drowning in mortgage debt
Some homeowners are still reeling from the Great Recession and it may take 10 years to recover.
The percentage of homes underwater — where the home is worth less than the mortgage — has been dropping as the housing market has recovered, but more than 4 million U.S. homeowners owe the bank at least 20% more than their homes are worth, totaling $579 billion of so-called negative equity, according to real estate company Zillow. “Homeowners who remain underwater will likely […]
