Relevant:
- Strategic Default: Inconceivable Assumptions Suddenly Conceivable
- U.S. Homeowners ‘Underwater' on Mortgages Drop as Foreclosures Increase
- Half of US Prime Mortgage Borrowers could be Underwater
- Refinancing for Underwater Mortgage Borrowers Faulted by House Democrats
- Nearly 25 Percent of Homes in Q3 Are Underwater
2012-08-23 — wcti12.com
``Nearly half, or 48 percent, of all mortgage borrowers under age 40 are underwater, about twice the rate of borrowers who are older. And that has created a sort of gridlock that could hinder the housing market's recovery, he said.
"We hear about tight inventory in many markets, and it's clear where this is coming from," he said. "Negative equity is trapping young people in their homes, preventing them from selling. These homes are like the very starter homes potential first-time homebuyers are seeking."''
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