Tuesday, December 14, 2010

Foreclosures Rise with Less Homes Underwater -... | Gather

Foreclosures Rise with Less Homes Underwater -... | Gather: "According to the Wall Street Journal, housing-data provider CoreLogic reported 10.8 million residential mortgages were underwater in the third quarter. This is a drop from the 11 million underwater mortgages in the previous quarter.

However, the drop is not because housing values are starting to soar. CoreLogic attributes the minimal drop to home foreclosures. When people are taken out of their homes, it reduces negative equity.

But it doesn't resolve the financial problem facing the nation. People are displaced from homes and looking for other residences. Meanwhile, abandoned homes are left for months as banks scramble to catch up on foreclosing properties.

Negative equity hit several states hard including Nevada, Arizona, Florida, Michigan and Ca"

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