More Foreclosures Means Fewer Underwater Borrowers

"About 10.8 million households, or 22.5 percent of all mortgaged homes, were underwater in the July-September quarter, housing data firm CoreLogic said Monday. That’s down from 23 percent, or 11 million households, in the second quarter. But the decline came mainly because more homes had fallen into foreclosure and not because home prices had increased. The ranks of underwater borrowers will remain high and likely rise because home values are expected to fall through the middle of next year."