Thirty-one percent or close to 16 million homeowners in the U.S. were underwater on their mortgage during the first three months of this year, this according to Zillow.
Zillow reported that the typical U.S. mortgage borrowers owe $75,644 more or 44.5% more on what their house is worth.
Despite the fact that one third of the U.S. homeowners were underwater on their mortgage during the first quarter of this year, 90% of these underwater homeowners continue to make payments.
“The majority of underwater homeowners continue to make regular payments on their mortgage, with only 10.1 percent of the 31.4 percent nationwide being delinquent,” Zillow reported.
“Therefore, 3.1 percent of homeowners in the nation are at high risk for foreclosure near-term although there has been an increased utilization by lenders of foreclosure alternatives such as short-sales,” Zillow added.
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