More than 5 Million Homes Will be Worth Less than 75% of Their Mortgage

About 5.1 million mortgage holders (or roughly 10% of Americans with mortgages) will own homes that are worth 75% or less than what they owe on their mortgages by mid-June. This is the conclusion of a new study by First American CoreLogic given exclusively to The New York Times. One of the firm's senior economists, Sam Khater, told the paper, "People's emotional attachment to their property is melting into the air." The most astonishing number in the study is that it would take $745 billion to get mortgages to the point where no home loans in the U.S. were underwater.