Lift Borrowers Out from Underwater
By Nick Timiraos
Rising home prices during the first three months of the year reduced by 700,000 the number of homeowners who owe more than their homes are worth, according to a report released Thursday.
Thatâ€™s still a fraction of the 11.4 million borrowers who are â€œunderwaterâ€ on their mortgages, according to CoreLogic, a housing data firm. But itâ€™s nevertheless a step in the right direction. The share of underwater borrowers dropped to 23.7% of all mortgage holders, down from 25.2% at the end of last year. (Those percentages donâ€™t include the one-third of all homeowners who donâ€™t have a mortgage, so the share of underwater homeowners is lower.) read more