10 Percent of Home Loans Under Water

Investor's Business Daily (02/25/08) P. A2
A recent report from Moody's Economy.com found that 10.3 percent of homeowners nationwide owe more than their properties are worth. As a result, these 8.8 million borrowers have more reason to walk away from their investment than do others. In addition to bolstering the number of dwellings on the market, the report estimates that every home on a particular block will lose nearly 1.5 percent of its value for every foreclosure on the same block.