Why bother? That’s the question more underwater Americans are asking themselves about their mortgage. Trapped in the abyss of negative equity, more will decide to quit paying. As they should. About a quarter of all mortgages in the United States are on houses that are worth less than the unpaid balance of the mortgage, according to real estate consultant First American CoreLogic. About half of that group, 5.3 million borrowers, are 20 percent or more underwater. For 2.2 million, the property is worth less than half the mortgage balance.
2010: Walking away will gain cachet
Most Popular Articles
Latest Articles
Key housing markets are starting to buck national trends: Redfin
Some markets in Texas and Florida that have experienced outsized growth in demand are now showing signs of a pullback.
-
Median payment on purchase mortgage applications rises to $2,201: MBA
-
HUD, USDA reach accord on energy-efficiency standard for new construction
-
U.S. mortgage delinquency rates remain near historic lows: CoreLogic
-
HomeServices settles commission lawsuits for $250M
-
Kristen Sieffert leads the reverse mortgage presence at The Gathering