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Less American mortgages ‘underwater’

Staff Reporter 1 minute read

Fewer American homeowners now have negative equity in their homes, a new report has found.

According to CNN, 21 per cent of single family home owners owe more on their mortgage than the property is worth, down from 23 per cent last quarter.

Zillow chief economist Stan Humphries said this statistic was good news for America because it meant less homeowners would lose their home to foreclosure.

"The decline in the percentage of homeowners with negative equity is a positive sign and is directly attributable to the stabilisation of home values from the second quarter to the third," Mr Humphries said.

But, playing devil’s advocate, Mr Humphries also said the reason the percentage of homeowners in negative equity is falling could be because so many people have already had to foreclose on their house.

There are approximately 1.2 million seriously delinquent mortgages, where loan repayments are at least 90 days overdue.

Less American mortgages ‘underwater’
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