1 in 5 Homeowners Underwater

By Harry Kimball,  Newser Staff
Posted Mar 4, 2009 10:17 AM CST
Obama's housing plan could help homeowners with negative equity refinance their mortgages.   (AP Photo)
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(Newser) – More than 20% of Americans with home mortgages owe more to their lenders than their homes are worth, a 2% rise since September, the Washington Post reports. The hardest-hit state was Nevada, where 55% of homeowners with mortgages have negative equity. These 8.3 million homeowners nationwide are much more likely to enter foreclosure; another 2.2 million are at risk of being “underwater,” in industry parlance.