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09 Feb 11 Underwater Mortgages Rise 27%

The number of homeowners that have underwater mortgages continues to rise at a rapid pace. According to the Huffington Post, borrowers who owe more on their home loans than their property is valued at rose significantly in the 4th quarter of 2010. A shocking 27% of borrowers now have negative home equity. According to a new report from Zillow, the level of underwater mortgages rose 4% from 23% in the previous quarter.  Most economists agree that loan modifications, mortgage help and falling home prices are to blame for the rise in negative equity.

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