The Percentage of US Mortgages ‘Under Water’ Drops

A smaller percentage of U.S. homeowners were saddled with “underwater mortgages” in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate Web site Zillow.com said on Monday. The number of American single-family homes with mortgages in negative equity fell to 21.5% in the second quarter from 23.3% in the first quarter and 23% a year ago, according to the Zillow Real Estate Market Reports – Reuters

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