The Law Office of Michael E. Ripley

Exceeding Expectations

Less Than 10 Million People in the US Have "Underwater" Mortgage Loans

According to USA Today (June 12, 2013) this is the first time in over 3 years that there are less than 10 million people in the United States with loans that are "underwater" -- that is, that owe more on a house than it is worth.  Nationwide, 9.7 million people, or 19.8% of homeowners with a mortgage, now owe more on their houses than they are worth.  Across the country, home prices increased 12.1% in April, compared to a year ago.