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.http://politifi.com/news/Fewer-US-Mortgages-Underwater-in-Second-Quarter-1012616.html
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.