Thousands of EP Homes are "Upside Down"
POSTED: Monday, March 14, 2011 - 5:21pm
UPDATED: Monday, March 14, 2011 - 5:37pm
EL PASO - A real estate information company says thousands of homes in El Paso are upside down.
An upside down mortgage is when someone owes more on their home, than it's actually worth. That occurs because of either a decline in value, an increase in mortgage debt, or a combination of both.
CoreLogic said 5,220 homeowners in El Paso were in that situation, in the fourth quarter of last year. According to the company, 11.1 million homes across the country were upside down during that same time period.