Price declines put 400K more homeowners underwater

CoreLogic: Hiccup in recovery could spur foreclosures

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The number of "underwater" homeowners grew by about 400,000 during the final three months of 2011, to 11.1 million, as home prices fell as a result of seasonal declines and a slowdown in processing homes through the foreclosure process, data aggregator CoreLogic said today.

CoreLogic said 22.8 percent of all residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2011, compared to 22.1 percent at the end of September.