10
Oct
29% of Homeowners Have Larger Mortgage Than Home’s Value
From a Moody's Economy.com report it shows that 12 million households, or 16%, owe more than their homes are worth. Moody's chief economist, Mark Zandi, said: "it is very possible that there will ultimately be more homeowners under water in this period than (at) anytime in our history."
An estimate by real-estate Web site Zillow.com shows that among people who bought within the past five years, about 29% are under water on their mortgages. San Diego California real estate agents