Yay! Georgia has pushed California out of the top five states for the highest percentage of home mortgages underwater!
Recall that an underwater mortgage is one where the homeowner cannot expect to sell the house for enough to pay off the mortgage.
That’s also known as negative equity.
The bad boys of the top five:
- Nevada, with 58% of all mortgages underwater
- Arizona, 47%
- Florida, 44%
- Michigan, 35%
- Georgia, 30%
California is a hair’s breadth beneath Georgia.
A graph from CoreLogic showing negative equity by state. (Not all states are shown because not all states have information available.) The black portion of each bar is negative equity. The red portion is “near negative.”
What a mess.
- Fewer Underwater Borrowers, But Housing Keeps Sinking (blogs.wsj.com)
- Fewer homeowners underwater, but number is still high (cbsnews.com)
- US DATA: CoreLogic’s Q3 negative equity data says or. (forexlive.com)
- Almost one-third of California mortgages are underwater (oc-breeze.com)
- “Negative Equity”: Make The Banks Pay (mykeystrokes.com)
- Calif. has most ‘underwater’ mortgages (lansner.ocregister.com)
- Underwater Mortgages Go More Underwater, Miami And Phoenix Hit (247wallst.com)