Even average homeowners feel rising mortgage floodwaters

November 22 2007 MarketWatch.com While the headlines have been full of stories on the credit crunch, subprime mortgage mess and the real estate bubble, a lot of ordinary homeowners have figured they were immune from the problems. Ensconced in a home with a prime mortgage, they have watched the news and figured they're safe. And all the while, the water has been rising. A growing number of homeowners -- particularly those who bought their house in the last five years -- are looking at the prospect of being "underwater" on the mortgage. That's when the value of the home is less than the amount remaining on the loan used to buy it. More than 15% of homeowners nationwide who bought their home in the last year are now underwater.

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