Industry NewsMarkets & Economy

Percentage of underwater homeowners still growing

Zillow: 2.4 million homes worth less than half of what they're mortgaged for
Published on May 24, 2012

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by CareyBot

The percentage of homeowners with mortgages who owe more than their homes are worth continued to rise during the first quarter, but only 1 in 10 of underwater homeowners are seriously delinquent on their loans, according to estimates released today by real estate search portal Zillow.

Zillow -- which looks at outstanding loan amounts on individual properties, and compares them with estimated valuations for each home that are generated by computer models -- estimates that 15.7 million homes were underwater during the first three months of the year.