Guest post from the FICO Analytics Blog.

 

It's official... the term "underwater"—as applied to a mortgage loan—has made this year’s list of new words added to the Merriam Webster Dictionary. It not only reflects a mainstream recognition of this unfortunate trend, but is also sobering reminder of today’s economic reality: homeowners’ equity has been halved since 2005, leaving more than 15 million consumers underwater on their mortgages, and more than 6.5 million of those 30% or more underwater.

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