Fewer homeowners are underwater on mortgages

Fewer homeowners are underwater on mortgages

The number of homeowners underwater on their mortgages in the United States declined slightly during the first three months of the year.

The decline in the number of borrowers owing more on their mortgages than those properties are worth occurred despite falling home prices, which plunge borrowers underwater.

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Americans’ equity in their homes near a record low

Americans’ equity in their homes near a record low

Falling home prices have shrunk equity so much that the proportion of their homes that Americans actually own is near its lowest point since World War II.

The Federal Reserve says average home equity plunged from more than 61 percent at the start of 2001 to 38 percent in the January-March quarter this year. That drop comes as home prices in big metro areas have reached their lowest level since 2002.

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