Read this headline and scratched my bald head................
Trend of US Mortgages 'Under Water' Drops
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 Web site Zillow.com said on Monday. CNBC
Laugh my ass off............Sweet....... so the more foreclosures, the lower the percentage of those that owe more than their home is worth. I guess they forgot the simple theory that for every empty home on your block the lower the less you will get for yours thus putting even more pressure on existing mortgages.
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