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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.


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