Fewer St. Louis Homeowners Struggle With Mortgages
A new report says fewer homeowners in the St. Louis area are struggling to keep up with their mortgages.
The St. Louis Post Dispatch, citing figures released Tuesday from real estate data company CoreLogic, reports that about 11 percent of St. Louis homeowners with mortgages owed more than their home was worth. That number is down from 16 percent in June 2012.
Homeowners who are "underwater" owe more in mortgage than their homes are worth. The owners are essentially frozen in place, because they can't sell their homes unless they bring a big check to the closing, or convince the bank to take a loss.
Nationally, 14.5 percent of homes with mortgages were underwater in June, down from 20 percent a year earlier.