2.2 Million Homes In America Still Have Negative Equity, Despite Record High Prices

Posted on June 16, 2019 3:36 am

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URL https://www.zerohedge.com/news/2019-06-13/mortgage-rates-slide-share-underwater-homes-shrinks-lowest-level-years 

As the boom in mortgage applications and refinancing activity last week would suggest, the return of interest rates toward multi-year lows this year is helping to pump more froth into the already bubblicious American housing market.

But while somebody will inevitably be left holding the bag when the bubble bursts, for now, at least, the inexorable rise in American home prices has bequeathed an outsize benefit on at least one group of people: American homeowners who were stuck with underwater mortgages following the last housing bust.

However, even with average national home values back above their pre-crisis highs, CoreLogic’s