One-third of recent US homebuyers underwater

| 12 August 2008 11:26

According to Seattle-based Zilliow, nearly one-third of U.S. home buyers who bought in the last five years are now underwater. A full 45% of those who bought at the peak in 2006 have negative equity in their homes. Negative equity makes it hard to refinance a mortgage and has been a direct contributor to foreclosures. According to Zillow, 15% of home sales were foreclosures in the second quarter.

See the full Bloomberg story: One Third of New Owners Owe More Than House Is Worth

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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