Saturday, August 28, 2010

The latest spin - - fewer U.S. mortgages 'underwater'

Time to pop open the champagne bottles?

Fewer U.S. Mortgages 'Underwater' in Second Quarter . . . The report showed that the percentage of single-family homes with negative equity Mortgages fell to 21.5% in the second quarter, from 23.3% in the first quarter, according to the Zillow Real Estate Market Reports.

Not so fast.

There's a catch.

The reduction in "underwater" mortgages was less than the 2%, and almost exclusively "driven by a greater number of foreclosures."

So, the good news is that less people own homes worth less than their mortgages. The bad news is that they're now homeless.

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