11.2 Million Homeowners Owe More On Their Mortgages Than Their Home Values
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According to real estate analytics firm CoreLogic, negative equity continues to be a massive and corrosive problem. During the first quarter of this year, 11.2 million homeowners across the country owed more on their mortgages than the market values of their properties.
In Las Vegas, 75 percent of all mortgaged homes and condos are underwater. In Phoenix, 550,000 homeowners have negative equity – 58 percent of all houses with loans. Florida’s rate of negative equity is 48 percent, followed by Michigan with 39 percent and California at 34 percent. Nationwide, nearly one out of every four mortgaged houses is in a negative equity position, according to CoreLogic.
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