Over 20% of mortgages are underwater!

Interesting article about the state of the real estate market and our economy in general. Currently there are about 21.5% of homeowners underwater with their mortgage!

Here is an excerpt:

“It is the paramount challenge facing housing markets,” said Stan Humphries, Zillow’s chief economist. “We already have had record levels of foreclosure and, combined with high unemployment, negative equity is very toxic to the market.”

Read the entire article here:

http://money.cnn.com/2010/08/09/real_estate/fewer_underwater_borrowers/index.htm

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