Home RSS
Real Estate
Cars

These are the Most Underwater States

Francesca Levy Forbes
These are the Most Underwater States - housing crisis - United States


Nowhere is the aftermath of the housing crisis more clearly illustrated than in Nevada, where nearly three quarters of homes with mortgages are worth less than what borrowers owe on them.



In that state, a whopping 68% of mortgages are in negative equity, also known as “underwater”. When you add in the homes that are “near negative equity,” – defined as being within 5% of underwater, the number jumps to a whopping 72%, according to a recent report by CoreLogic, a real estate research firm.

In the U.S., negative equity is rampant – values have declined and debt risen such that 28% of homes are in or near negative equity.

The good news is that the number of underwater homes fell in the second quarter of 2010 from the first. The bad news is why it fell: most of those homes went from being underwater to entering foreclosure.


Source



Add your comment
  Anonymous comment
Nickname:
Password:
  Remember me on this computer

Title:
Send me by email any answer to my comment
Send me by email every new comment to this article





 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.