The Law Office of Michael E. Ripley

Exceeding Expectations

17% of All U.S. Homes are "Seriously Underwater"

An article in USA Today (April 28, 2014) states that 17% of all homes in the U.S. are "seriously underwater," in terms of owing more than what the home is worth. Specifically, the article indicates that 9.1 million homes owe at least 25% more than the market value of their homes. Although this is an improvement from 2012, when about 29% of all homes were "seriously underwater," the ongoing situation has added to the lack luster housing market in the last few months. Also indicated in the article is that more than 9 million homeowners owe an average of 68% more than their home's value.