Upside-Down Mortgages and Sinking Home Prices (GoldSeek.com)
Story date: 2008-03-12 07:38:47
Added on: 2008-03-12 20:00:16
An upside-down mortgage is a mortgage for which the home owner owes more on the mortgage than the home is worth. According to a report on the CBS TV "Early Morning Show" on March 10, if house prices fall another 10% nationally, 20 million households will be in an upside-down condition.
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