Construction in Southwest Florida grinded to a halt, taking many jobs (from skilled trades to mortgage brokers) along with it. They owed more on the home than it was worth, so a sale made no sense.
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In five major metro areas, fewer than 10% of jumbo-loan borrowers owe more than their homes are worth. Those cities are San Jose, Calif., with just 5.8%; Boston, with 6.3%; Denver, with 6.6%;.
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