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.

 

Most Popular Articles

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By

Latest Articles

Foreclosures rose in October, but are still down for the year

Foreclosures rose 13% in October from September, a new foreclosure market report from ATTOM Data Solutions said. Although foreclosures went up in October over the previous month, they were down 17% from a year ago.

Nov 14, 2019 By