It has been estimated that between 20% and 25% of all homeowners with mortgages owe more than their home is worth. This percentage is even higher in some areas; like Nevada, Arizona, Michigan, Florida and California. The overall range among states is estimated at 5% -67%! (Oklahoma is lowest; Nevada highest.) The situation has become a dilemma for the banks as well as the homeowners, and for the government and general economy, which is now sluggish at best. Who's responsible, and what should be done?
Source: http://EzineArticles.com/6400255
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