Housing Bust

1 in 4 Borrowers Under Water

Home sales may have risen in October, but this ought to damp any celebration: The proportion of U.S. homeowners who owe more than their homes are worth rose to 23 percent. With nearly 10.7 million households having negative equity in their homes in the third quarter, a sustained housing recovery is unlikely. Economists from J.P. Morgan Chase said on Monday that they don’t expect the housing market to bottom out until 2011.