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Wednesday, February 9, 2011

Homeowners Hit Brick Wall, With Many Owing More Than Homes Are Worth

I think you might see more homeowners walking away than experts are saying.
More than15 million American homeowners currently owe more on their mortgages than their homes are worth, up from 13.9 million in the previous three months. The numbers indicate that higher foreclosure rates could be on the horizon, a potential trend supported by a sobering report from real estate website Zillow.com that details 27 percent of homeowners are "underwater." That's up from 23.2 percent the previous quarter.
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