Almost 25% of homeowners are underwater on mortgages

Today's Wall Street Journal has an article about how almost a quarter of U.S. homeowners are underwater on their mortgages. These people owe more on their mortgage loans than their homes are actually worth.

Over half a million of these folks have received notices of default, which is the first step on the road to foreclosure.


Despite these dire numbers, that means that 75% of homeowners still have some equity in their homes. The Wall Street Journal also states that nearly 24 million homeowners don't owe any money on a mortgage.


You can read the report here.