One In Six Homeowners Are ‘Under Water’

October 10, 2008 | Filed Under Real Estate News, Mortgage and Finance 

Roughly one in six U.S. households that own the home they live in owe more on the mortgage than the home is worth, according to new data from Moody’s Economy.com. The Wall Street Journal reports that 16 percent of U.S. households are “under water” on their mortgages, compared to 6 percent in 2007 and 4 percent in 2006. This year, approximately 12 million of the nation’s 75.5 million homeowners owe more on their mortgages than the homes are worth.

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