Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
W S
Lending / The Ticker

Zillow: Fewer homes underwater in second quarter

Blocks first-time buyers from moving

underwater homeowner
/ Print / Reprints /
| Share More
/ Text Size+

Although the percentage of underwater homeowners continues to heal, the remaining pain is left to struggling borrowers of low-price homes, according to an article in The Wall Street Journal:  

About 28% of homes with a mortgage within the bottom third of home values were underwater at the end of the second quarter, meaning they were worth less than the balance of their mortgages, according to real-estate information service. That compares with about 16% of homeowners in the middle tier and 9.2% in the top tier.

As a result, the article explained that it could prevent owners from moving up to larger homes and thus put a damper on purchases by first-time homebuyers.

Overall, the percentage of homeowners who were underwater in the second quarter dropped to 17% from 24% a year ago. 

Source: WSJ
Read full story

Recent Articles by Brena Swanson

Comments powered by Disqus