11 Million Underwater Mortgages in US

A report released this month estimates over 11 million homeowners in the United States have underwater mortgages.

The new report, released by the data aggregator CoreLogic, says the number of homeowners who owe more on their mortgage than their homes are worth declined by about 200,000 from an estimated 11.2 million in March. The CoreLogic report demonstrates a strong correlation between home-price appreciation and homeowner equity for homeowners with underwater mortgages, about 23 percent of all home loans.

Homeowners with little or no equity in their properties saw their homes value drop by more than one percent, in the first six months of 2010. Homeowners who are underwater on their loans by more than 50 percent, property values decreased by two percent, according to CoreLogic.

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