Negative equity affecting 22.7 percent of homes nationwide
According to a recent report conducted by CoreLogic, a significant number of homes throughout the country are suffering from underwater mortgages.
Overall, 10.9 million homes with mortgages, representing 22.7 percent of the country, have a larger balance on their home loan than their property is worth. While this figure is down from the last quarter of 2010, when 11.1 million homes had negative equity, it is still significantly high.
In addition to those homes with underwater mortgages, another 2.4 million mortgage owners have less than 5 percent equity, known as near-negative equity. Combined with the previous figure, those homes with negative or near-negative equity total 27.7 percent of the nation's properties.
By state, Nevada had the largest amount of homes with negative equity at 63 percent. Arizona with 50 percent, Florida at 46 percent, Michigan at 36 percent and California at 31 percent rounded out the top five. Overall, these five states represented 39 percent of the country's homes with underwater mortgages.
In Houston, real estate figures have shown improvement lately. According to the most recent Altos Research report, the median price for Houston properties increased month-over-month, meaning more residents should be safe from underwater mortgages.
Courtesy of 2M Realty News
According to a recent report conducted by CoreLogic, a significant number of homes throughout the country are suffering from underwater mortgages.Overall, 10.9 million homes with mortgages, representing 22.7 percent of the country, have a larger balance on their home loan than their property is worth. While this figure is down from the last quarter of 2010, when 11.1 million homes had negative equity, it is still significantly high.
In addition to those homes with underwater mortgages, another 2.4 million mortgage owners have less than 5 percent equity, known as near-negative equity. Combined with the previous figure, those homes with negative or near-negative equity total 27.7 percent of the nation's properties.
By state, Nevada had the largest amount of homes with negative equity at 63 percent. Arizona with 50 percent, Florida at 46 percent, Michigan at 36 percent and California at 31 percent rounded out the top five. Overall, these five states represented 39 percent of the country's homes with underwater mortgages.
In Houston, real estate figures have shown improvement lately. According to the most recent Altos Research report, the median price for Houston properties increased month-over-month, meaning more residents should be safe from underwater mortgages.
Courtesy of 2M Realty News
