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One in Four Borrowers Is Underwater – WSJ.com: “But negative equity ‘is an outstanding risk hanging over the mortgage market,’ said Mark Fleming, chief economist of First American Core Logic. ‘It lowers homeowners’ mobility because they can’t sell, even if they want to move to get a new job.’ Borrowers who owe more than 120% of their home’s value, he said, were more likely to default.”
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