"About 10.88 million homes, or 22.5 percent of those with a mortgage, were "underwater" as of June 30, the Santa Ana, California-based company said. That's down from 10.91 million, or 22.7 percent, in the prior three months. Another 2.42 million borrowers had less than 5 percent equity at the end of the second quarter, bringing the total properties with negative or near-negative equity to 27.5 percent of mortgaged homes"

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