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As Congress jousts over the effectiveness of the stimulus package to stir economic activity, it’s worth noting that homeowners — whose troubles are at the root of the economic crisis — continue to struggle. Nearly one-fourth (23 percent) of mortgage-paying homeowners nationwide now owe more on their homes than the property is worth, according to a report released yesterday by Zillow.com. And that number is projected to jump to as high as 30 percent over the next year, the group warned. Here’s part of the statement from Stan Humphries, Zillow chief economist:
Read more from the Washington Independent
