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Los Angeles Times: Two-Thirds of Americans with mortgages pay 5% interest or higher

By Alejandro Lazo. Record-low interest rates are out of reach for many homeowners, and a big reason is that millions are underwater. Obama and others are trying to assist them.

September 18, 2012

But economists said those actions are likely to be limited as long as low rates remain out of reach for many homeowners.

"The constraint that is keeping people out of the housing market is absence of equity," said Richard Green, director of the USC Lusk Center for Real Estate.

"The drop in house prices means that many borrowers are underwater on their houses," he said, "and high unemployment has prevented potential first-time buyers from accumulating down payments."

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Link: Los Angeles Times | Real Estate