Wednesday, August 8, 2012

7 states with the most underwater homeowners

NEW YORK – Aug. 7, 2012 – Fewer homeowners nationwide are “underwater” on their mortgages, owing more on their loan than their home is currently worth. CoreLogic reported in July that the number of underwater mortgages fell from 12.1 million – or 25.2 percent – at the end of 2011 to 11.4 million – or 23.7 percent – by the end of the first quarter of this year.

Still, the number remains high in some states. Those with the highest negative equity also tend to have some of the highest percentage of homeowners falling behind on mortgage payments and facing possible foreclosure.

24/7 Wall St. recently identified the following states as having the highest percentage of homes with underwater mortgages.

Nevada: 61.2%
Florida: 45.1%
Arizona: 43.4%
Georgia: 37.2%
Michigan: 35.6%
California: 30.5%
Illinois: 28%

Source: “States With the Most Homes Underwater,” 24/7 Wall St. (July 19, 2012)

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