23% of Homeowners under water in their mortgage

According to a recent survey done by Zillow.com, 23% of homeowners are under water in their mortgage and is expected to reach 30% as job losses and foreclosures climb through 2010. Homeowners are hurt by the decline in house prices as the decline of home values have slid by approximately 12% compared to a year ago. The declining home values will lead to an increased rate of negative equity owned homes and an increased rate of foreclosures. Foreclosures for June were approximately 22% of the total US home sales with 29% sold for less than the original purchase price.