Monday, March 23, 2015

The cities where houses are suddenly going underwater

"Despite an overall housing recovery, it’s suddenly becoming more common in several of the nation’s largest cities for homeowners to owe more on their home than it’s worth.

The national negative equity rate, which had declined for 2 1/2 years, stalled in the fourth quarter of 2014 at 16.9 percent, according to a new report from Zillow.

Negative equity refers to when a homeowner owes more a mortgage than the value of the home if sold on the market."

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