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Underwater homeowners accept lower wages

People who are underwater on their home mortgages probably will accept "significantly" lower wages than other homeowners, according to a study published this month by the Federal Reserve Bank of Atlanta, Bloomberg reported.

The recent U.S. housing bust left many homeowners with mortgage debt larger than the equity value of their homes, says Fed Bank of Atlanta economist Chris Cunningham and Robert R. Reed of the University of Alabama.

 

Source: Bloomberg
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