Most of the cities on our list are in regions worst hit by the housing crash. These areas are all in California, Florida or the Southwest — all of which were booming housing markets before the recession hit. In the U.S., just fewer than 15% of homes were built in the last ten years. But in some of the cities on our list of highest underwater mortgages, that number is 25% and higher.
Read more: The American Cities Sunk by Underwater Mortgages – 24/7 Wall St. http://247wallst.com/2011/10/28/the-american-cities-sunk-by-underwater-mortgages/#ixzz1de9Y7nVY
Yours to Count On,
The Madsen Team ~ Our Trademark is Communication
Associate Broker/Realtor ®, CDPE, CLHMS
Coldwell Banker ~ Howard Perry & Walston