'Underwater' Mortgages Rising in US

Nearly a quarter of homes financed by mortgages in the US have a net worth lower than the balance of their outstanding loans, a real estate analytics firm reports.

The report issued by CoreLogic stated that roughly 11.2 million such loans existed at the end of the first quarter of 2010.

Referred to as "underwater," such mortgages are usually caused by the lender purchasing a home at the peak of a housing bubble.'

Read more...