Tuesday, June 7, 2011

38% of homeowners with 2nd mortgages are underwater

A CoreLogic Inc. report shows that 38 percent of homeowners with second mortgages are underwater, compared to just 18 percent of borrowers without such loans.

Underwater homeowners who extracted cash from their properties via loans or lines of credit had negative equity of $83,000 on average, versus $52,000 for those who did not.

The report indicates a drop in underwater homeowners to 22.7 percent in the first quarter from 23.1 percent in the fourth quarter as more foreclosures were completed.

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