The housing market crash of 2008 left millions of homeowners "underwater," or owing more than their property was worth. While the housing trend the past few years has led to some relief for these homeowners, there are still millions of homes underwater. According to an article in Consumer Affairs,
"When the housing market collapsed in 2008, millions of homeowners found themselves underwater, owing more on mortgages than their homes were worth.
Over the last seven years home prices have recovered – in some markets more than others – and each month more people find that the have a small bit of equity once again in their once-underwater homes.? ...more than half the homeowners who are still underwater are so far under they have almost no chance of re-surfacing for years to come."
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