Nearly 25% of all mortgages are underwater

NEW YORK (CNNMoney.com) — More bad news on the housing bust front: Nearly 25% of all mortgage borrowers were underwater, meaning they owe more on their loans than their homes are worth.

First American CoreLogic, the research firm that monitors housing equity, reported Tuesday that 11.3 million homeowners — or 24% of all homes with mortgages — were underwater as of the end of 2009. That’s up from 23% and 10.7 million borrowers three month earlier

via Nearly 25% of all mortgages are underwater – Feb. 23, 2010.

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