Tuesday, April 2, 2013

WaPo: Fewer Mortgages Underwater

According to an article in Washington Post's Where We Live blog today, the number of homeowners currently underwater in their mortgages decreased in the last quarter of 2012. For Montgomery County, the rate is 21.4 percent, compared with 23.9 percent a year ago. That’s better than the national average of 27.5 percent, down from 31.1 percent at the end of 2011.

In August of 2011, I hosted a foreclosure prevention workshop for residents who were struggling to keep up with their mortgage payments. Many of those who attended the workshop found their situation complicated by the fact they were underwater. According to the article, the trend toward freedom from underwater mortgages is expected to continue.

1 comment:

Anonymous said...

I guess this is good news for some parts of the county, but not all. In fact, the foreclosure activity in my neighborhood has recently gone up again. The county also needs to have a real discussion about how communities are dealing with the increase in rentals and vacant properties.