G-7 Nations Pledge to Steady Markets

The real estate downturn and loose lending standards have left many homeowners in Southeastern Massachusetts and around the country owing more for their mortgage than their house is worth.

In Brockton's 02302 ZIP code, about 36 percent of homes bought last year are underwater, according to figures provided by online real estate service Zillow.com.

In the city's 02301 ZIP code, 25 percent are underwater, or are worth less than the mortgages on their properties.

In Whitman the scenario afflicts 30 percent of homes bought last year, while in East Taunton it's 29 percent and in Bridgewater it's 24 percent.

Falling home values can be a fatal blow for homeowners who are struggling to meet their monthly mortgage payments, MassHousing spokesman Tom Farmer said. read more