Underwater Loans Fall

nationalmortgagenews tells MHProNews research firm Zillow says in its “Negative Equity Report” 400,000 fewer mortgages fell into underwater loan status in the second quarter 2012 compared to the first quarter, dropping from 15.7 million to 15.3 million Americans. Percentage-wise, the numbers dropped from 31.4% of all homeowners with balances higher than the value of their property to 31%. Stan Humphries, Zillow’s chief economist, said rising home values caused by tightening inventories was the main cause for the drop. By age group, underwater borrowers between 20 and 24 are more likely to be current on their loans, with 5.9% being 90 or more days past due as compared to 9.2% of all underwater homeowners.

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