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Open Access Publications from the University of California

Underwater America


This report highlights the problem of widespread “underwater mortgages” – homeowners stuck in loans for more than their home is worth, which persists in many communities across the country. The report identifies the nation’s most troubled hot spots: the cities, metro areas and communities where the highest proportion of homeowners still have negative equity, or are “underwater.” The report’s authors argue that market forces alone will not bring the recovery to these severely impacted communities, and call for local or federal intervention to reduce mortgage principal.

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