MOUNTAIN HOUSE, Calif. — This town, 59 feet above sea level, is the most underwater community in America.
Because of plunging home values, almost 90 percent of homeowners here owe more on their mortgages than their houses are worth, according to figures released Monday. That is the highest percentage in the country. The average homeowner in Mountain House is “underwater,” as it is known, by $122,000.
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Many in Mountain House have already taken that option. Banks took over 101 properties in the 95391 ZIP code in the third quarter, according to DataQuick Information Systems.
Hey, we were one of the those 101 -- well, we were renting one anyway. The bank took possession of the house we rented roughly 90 days after we were given 60 day notice to quit. After not paying rent for the past 5 months we make our first mortgage payment this month on our new home in Tracy.
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Oh, and apparently they'll be talking about it on Nightline tonight and Good Morning America tomorrow.
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