29% of U.S. Homes Are Underwater (Figuratively)
More than a quarter of U.S. homeowners owe more on their mortgages than their homes are worth.
More than a quarter of U.S. homeowners owe more on their mortgages than their homes are worth, according to a new report from Zillow, a real estate website.
The exact percentage of homeowners who find themselves down in the real-estate dumps is 28.9. These are the people who would lose money if they tried selling their homes, making them negative assets. The nearly 29-percent figure is a recent high-water mark for "underwater" homes, according to MSNBC.
As we explained yesterday, negative equity on homes, which is the larget asset for most people under 35, is one of the big reasons that the young people are broke today. That, and student loans, high unemployment, and Social Security going to the olds.
There are a lot of things going against the youngs today.