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Nearly 2M Homeowners "Above Water" on Mortgages
By Joe Gullo
Surging home prices have helped nearly 2 million homeowners get back above water on their mortgages over the past year.
Realtytrac says during the first quarter, 9.1 million homeowners were seriously underwater on their homes. That means their debt on the home exceeded the home's value by 25 percent or more.
The figure is down from 10.9 million a year earlier.
States with the highest percentage of seriously underwater homes included Nevada, Florida and Illinois.
Realtytrac also found that fewer properties in the foreclosure process are underwater.