Underwater mortgages rise as home prices fall

THE ASSOCIATED PRESS

WASHINGTON — The number of Americans who owe more on their mortgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market. CoreLogic says about 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter. That’s up from 22.5 percent, or 10.8 million households, in the July-September quarter.

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