8.3M Borrowers Now Underwater
First American CoreLogic released its 2008 report on negative home equity Wednesday, in which it found that 8.3 million borrowers are now underwater on their mortgage. In the last year, the company said, the value of mortgaged residential properties has declined by more than $2.4 trillion, and one half of this loss occurred in California.
The 8.3 million mortgages currently in a negative equity position, meaning the borrower’s mortgage debt is more than the value of the home, represents 20 percent of all mortgaged properties.
