More American homeowners now owe substantially more on their mortgages than what their properties are worth, as a key measure of housing-market distress moves in the wrong direction.
The share of US homeowners who are “seriously underwater” on their mortgages climbed to 3.2% in the second quarter, up from 2.7% a year earlier, according to a new state-by-state analysis from real estate data firm ATTOM.
That means the combined balance of loans secured against the property is at least 25% greater than what the home itself is estimated to be worth