A lesser proportion of U.S. homeowners were burdened with "underwater mortgages" in the second district as more homes go into the foreclosure procedure even as price declines slowed, real estate website Zillow.com said Monday. Less homeowners with so-called underwater mortgages — where the amount owed on the mortgage surpass the home's value — is nevertheless a positive for the housing market as it could foreshadow fewer defaults and foreclosures downward the road.
The proportion of American single-family homes with mortgages in negative fairness fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.
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