Nearly 23 percent of home owners owe more on their houses than they are currently worth, according to new data from the last three months of 2011 released by CoreLogic.
More specifically, the number of underwater home owners rose slightly from 22.1 percent in mid-2011 to 22.8 percent by the end of last year.
“When they’re upside down, borrowers may be current on their payments but they’re more vulnerable to economic storms — like job losses — that could tip them over into default,” says Sam Khater, senior economist at CoreLogic.
About 8 percent of underwater home owners have already lagged on their mortgage payments.
Source: “Underwater Borrowers Are on the Rise,” CNNMoney (March 1, 2012)
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