The amount of Americans who owe more on their morgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market. About 11.1 million households, or 23.1 percent of all mortgages homes, were underwater in the October-December quarter, according to a report released yesterday by CoreLogic, a housing data business. That's up 22.5 percent, or 10.8 million households, in the July-September quarter.
Ohio homeowners fared slightly better: 21/6 percent were underwater in the quarter, up from 20 percent in the previous quarter. In Columbus, 20.5 percent of homeowners with mortgages owed more than their home was worth, up from 19 percent. The number of underwater mortgages in the U.S. had fallen in the previous three quarters. But that was mostly because more homes went into foreclosure.
Underwater mortgages typically rise when home prices fall. In December, home prices in 11 of 20 major U.S. metro areas hit their lowest point since the housing bust began. In a healthy housing market, about 5 percent of homeowners are underwater. The Clintonville home market has fared better than Ohio as a whole
How has your home or mortgage faired in the recent year?