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More than quarter of US homeowners underwater

<strong>WASHINGTON.</strong> More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said.

WASHINGTON. More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said.


Homeowners with negative equity increased from 22 percent a year earlier as home prices slumped 8.2 percent over the past 12 months, the Seattle-based company said. About 27 percent of homes were “underwater” in the fourth quarter, according to Zillow, which runs a website with property-value estimates and real-estate listings.


Home prices fell 3 percent in the first quarter and will drop as much as 9 percent this year as foreclosures spread and unemployment persists, Zillow’s Stan Humphries said. Prices won’t find a floor until 2012, he said.

 
 
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