underwater mortgages

The housing market is back — except where it's not (Marketplace)

The national average, at 13.3 percent, isn’t all the way back to normal, but it would sound awfully good to places like Tampa, Cleveland, Las Vegas — or Chicago, where almost a quarter of mortgages are still underwater.

Ironically, one culprit may be state and local homeowner protections that make it harder for banks to foreclose, according to Daren Blomquist, vice president for Realty Trac.

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