Zillow senior director for economic research Svenja Gudell offers a series of bold observations tied to her analysis of the second quarter Zillow Negative Equity Report. National negative equity rates continued to decline in 2014 Q2, falling to 17%, down 14.4% from its peak (31.4%) in the first quarter of 2012. Importantly, Gudell notes, the 8.7 million homeowners still underwater map to a generational lock that continues to challenge normal market dynamics at the entry level.

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