1 in 5 Homeowners Underwater

By Harry Kimball,  Newser Staff
Posted Mar 4, 2009 10:17 AM CST
1 in 5 Homeowners Underwater
Obama's housing plan could help homeowners with negative equity refinance their mortgages.   (AP Photo)

More than 20% of Americans with home mortgages owe more to their lenders than their homes are worth, a 2% rise since September, the Washington Post reports. The hardest-hit state was Nevada, where 55% of homeowners with mortgages have negative equity. These 8.3 million homeowners nationwide are much more likely to enter foreclosure; another 2.2 million are at risk of being “underwater,” in industry parlance. (More homeowners stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.