C.A.R. Mortgage Update

One in four borrowers is underwater
Despite recent indicators that the housing market is improving, a new report shows that one in four mortgage borrowers are underwater, meaning they owe more on their mortgage than their home currently is worth.  According to First American CoreLogic, nearly 10.7 million households had negative equity in their homes in the third quarter, accounting for about 23 percent of all U.S. homeowners.  Most homeowners, however, still have equity, and nearly 24 million owner-occupied homes do not have a mortgage, according to the U.S. Census Bureau.  

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To view additional articles, which also may be of interest to clients in the market for a new home loan, loan modification, or mortgage refinance, please visit the following:

More homeowners fall behind on mortgages
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Foreclosures hitting more people with prime loans
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Decline in lending is largest since 1984
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