Thursday, May 24, 2012
Over one-third of Portland homeowners were underwater on their mortgage in the year's first quarter.
Zillow, a Seattle-based real estate listings website, will report Thursday that 34.3 percent of Portland-area homeowners owe more on their mortgage than their home is worth. In aggregate, the firm estimates, they are upside-down to the tune of $9.5 billion.
Underwater borrowers are at greater risk of foreclosure because when their finances suddenly change -- a lost job or medical emergency, say -- they can't simply sell their house to pay off the loan.
Read more at OregonLive.com.
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