Twenty percent of U.S. mortgage borrowers owe more than their homes are worth

On the heels of yesterdays "Home Affordable Modification" initiative, a study was released by American CoreLogic that states one in five U.S. mortgage borrowers are upside down in their loan. In other words, they owe more than the house is worth.Since their peak in July 2006, home prices have declined 19.3% on a cumulative basis and are sitting at the lowest price levels since May 2004. In December 2008, housing prices fell 11.1% nationally compared to December of the previous year. On a year-o

Read More...