Posted AT 1:17 PM EST on 31/10/08
One in five U.S. mortgage-holders underwater
NEW YORK — Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens, a report on Friday shows.
About 7.63 million properties, or 18 per cent, had negative equity in September, and another 2.1 million will follow if home prices fall another 5 per cent, according to a report by First American CoreLogic.
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