A recent Wall Street Journal article, which cites CoreLogic data, reported that 21.5% of American homeowners were underwater at the end of the fourth quarter, compared to 25.2% at year-end 2011. The term ‘underwater’ refers to mortgages that have debt values exceeding home values. It can be difficult to refinance a mortgage that is underwater, as many lenders finance less than 80% of the value of a home, although HARP, or the Home Affordable Refinance Program, has helped address that problem with certain homeowners. Read more...