One-fifth of US homeowners are 'underwater'

Published 10th Feb 2010

More than a fifth of US homeowners owed more than their properties were worth in the fourth quarter as the number of houses and condominiums lost to foreclosure climbed to a record, according to Zillow.com.

In the fourth quarter, 21.4% of owners of mortgaged homes were underwater, up from 21% in the previous three months and down from 23% in the second quarter, the Seattle-based real estate data provider said today in a report. More than one in 1,000 homes were repossessed by lenders in December, the highest rate in Zillow data dating back to 2000.

Source: ' PropertyWeek '

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