"The dramatic decline in the housing market has hit Americans hard: 20% of people with mortgages owe more than their home is worth, according to a report released Wednesday.
More than 8.3 million U.S. mortgages were 'underwater' as of December, said research firm First American CoreLogic. Three months earlier, 18% were underwater.
The phenomenon is exploding beyond bubble markets such as California, Florida, Arizona and Nevada, according to Sam Khater, senior economist for CoreLogic."
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1 in 5 mortgages "underwater"
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