DETROIT-Data from Zillow.com shows that although across the nation the number of underwater homes dropped in Q2 2010, in Detroit metro area the number kept increasing. A home is underwater when the mortgage owed exceeds the market value of the home.
About 31% of single-family homes were underwater in Q2 2010 compared to just 24.9% in Q1 2010 in metro Detroit. Nationwide, 21.5% of homes were underwater in Q2 2010 compared to 23.3% in Q1 2010. For the full story, go to The Detroit Free Press.
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