Number of Underwater Homeowners Declines

Seattle, WA, Aug. 23, 2012 -- The number of underwater homeowners declined in the second quarter, according to a online real estate firm Zillow.

The number of homeowners who owe more than their home is worth dropped to 15.3 million from 15.7 million in the first quarter, Zillow said.

Nearly half, or 48%, of all mortgage borrowers under age 40 are underwater, about twice the rate of borrowers who are older.