Number of 'Under Water' Borrowers Rises

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Alan Zibel: Number of ‘Under Water’ Borrowers Rises

Alan Zibel: Number of ‘Under Water’ Borrowers Rises

We are nowhere near the bottom folks!

WSJ-

The number of U.S. homeowners owing more on their home loans than their properties are worth increased at the end of last year, highlighting a continuing source of weakness for the economy.

CoreLogic, a real estate data provider, said Thursday that 11.1 million, or 22.8%, of American households with a mortgage were “under water” at the end of last year. That was up from 10.7 million, or 22.1%, of properties in the third quarter of 2011.

In addition, fourth-quarter data showed that about 2.5 million borrowers had less than 5% equity in their homes, CoreLogic said.

The figures were the highest level of negative equity since the third quarter of 2009, when CoreLogic started reporting negative equity statistics using its current methodology.

[WALL STREET JOURNAL]

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