A smaller percentage of U.S. homeowners were saddled with "underwater mortgages" in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate website Zillow.com said Monday 08/10/10. Fewer homeowners with so-called underwater mortgages, where the amount owed on the mortgage exceeds the home's value, is indeed a positive for the housing market as it could mean fewer defaults and foreclosures down the road.
The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports. These underwater mortgages are one of the biggest banes of homeowners since negative equity makes many of them unqualified for home loan refinancing and prevents some from selling.
There is also additional good news since the HUD announced its Federal Housing Administration ,FHA, underwater financing program which should aid 3-4 million homeowners . FHA officials recommend that underwater mortgage holders contact their lenders to see if their bank or mortgage companies will be taking part in their program which starts September 7.
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