San Francisco Bay Area Homes Continue to Slip Underwater

Foreclosure CrisisHomes around the Bay Area are continuing to slide underwater – the term for a home worth less than what is owed on the mortgage – according to a report from real estate research firm Zillow.

Nearly a quarter (24.6 percent) of homes in the nine-county area were underwater in the three months ended in September, Zillow said. That compares with 22.8 percent in the preceding quarter.

Several reasons underlie the declines: the end of the spring/summer peak home-buying season, continued malaise after last year’s expiration of home buyer tax credits, lack of consumer confidence.

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