Many Oregon mortgages underwater

Many Oregon mortgages underwater

Almost one in five Oregon homeowners owe more on the loan than their home is worth.

Falling home values after the housing bubble left more than 11 million American homeowners "underwater" on their loans. Most bought their home near the height of the bubble only to see its value plummet.
In the Portland area, 19.6 percent of homes were underwater in the fourth quarter of 2011, representing an increase of 10,000 homes from the previous three months. In all, the firm says, more than 93,000 Portland-area homeowners posted
negative equity in their home for the quarter, and another 29,000 -- 6 percent -- were near negative equity.
Statewide, 131,000 homeowners are underwater, representing 18.7 percent of all mortgages. Another 6.3 were close to slipping underwater.

Read more at OregonLive.com.

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