That’s according to a new report from real estate firm Zillow which says that, of the mortgaged homes in the U.S., 15.8 per cent were worth less than the mortgage on them in the first quarter of this year (down from 16.9 per cent at the end of last year).
However, around four million of those homeowners owe more than 120 per cent of their home’s value. The situation is made worse by a slowing of the growth in house prices in many areas.
Zillow's economists predict that some of those will be unable to sell their homes for up to a decade.
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The level of homes south of the border that are in negative equity is down slightly, but there are many who will be unable to sell their homes for many years to come.