Some Buyers Owe Too Much

Daily Real Estate News February 12, 2008Some Home Buyers Owe Too MuchMore than 30 percent of home owners who bought in the last two years owe more on their mortgage than their homes are currently worth, says Zillow.com in its quarterly home value report.Zillow calculated that 39 percent of home buyers in 2006 who put down 10 percent, now have negative home equity, compared to 30 percent of those who purchased in 2007.Overall, only 3 percent of those who purchased in 2003, and less than 1 percent of all homes in the United States, regardless of when they were purchased, have negative equity.Source: Reuters News (02/12/08)


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