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New app calculates how long you’ll be underwater

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Due to the steep descent of home prices during the Great Recession, millions of American homeowners found themselves in the difficult straits of owing more on their house than the residence was now worth, which is a state of personal economics casually known as being underwater. After five tough years, in which tens of millions of Americans found themselves underwater on their mortgage, the country is finally resurfacing. The slow but steadily improving economy and housing market has helped. Plus, there are some new technologies out there to give comfort to those who are still in deep water. Back in the fourth quarter of 2009, about 26 percent of borrowers were underwater on their mortgages, according to CoreLogic. It took about two years for those numbers to drift downward to 25.2 percent, which equates to 12.1 million mortgage borrowers. Then at the end of the first quarter this year, CoreLogic reported the percentage of mortgage borrowers underwater had finally dropped b...