Summary Box: Underwater mortgages in US rise

AP News
Posted: Mar 08, 2011 5:06 PM
Summary Box: Underwater mortgages in US rise

UNDERWATER MORTGAGES RISE: The number of Americans who owe more on their mortgages than their homes are worth rose in the October-December quarter to 11.1 million. About 23 percent of all mortgaged homes are underwater.

FORECLOSURES A FACTOR: The number of underwater mortgages had fallen in the first nine months of last year. But that was mostly because more homes had fallen into foreclosure. An estimated 3 million homes will be foreclosed upon this year, according to foreclosure tracker RealtyTrac.

HOME PRICES FALLING: Home prices in December hit their lowest point since the housing bust in 11 of 20 major U.S. metro areas.