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More Palm Beach County homeowners underwater

March 02, 2012 01:30PM

Just under 43.5 percent of Palm Beach County homeowners with mortgages were underwater on those loans as of the fourth quarter of 2011, the Palm Beach Post reported. Data from CoreLogic showed almost 23 percent of all mortgages nationally in so-called negative equity, where the mortgages are worth more than the values of the homes. “Negative equity will take an extended period of time to improve, and if there is a hiccup in the economic recovery, it could mean a rise in foreclosures,” said Mark Fleming, chief economist for CoreLogic. The number of underwater homeowners in Palm Beach was up from 40.7 percent in the previous quarter. [Palm Beach Post]