02/13/2013 10:10 am ET

Almost Half Of Metro Detroit Homeowners 'Underwater'

Nearly one in every two homeowners in Metro Detroit owes more on the house than it is worth, a trend that is shrinking the area's hard-hit real estate market.

Michigan ranks fifth among the states in the number of "underwater" homes. Owners are reluctant to put them on the market, because they don't want to take a financial bath, and end up paying the difference to their mortgage holders or requesting a complicated short sale.

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