About 22 percent of home owners nationwide are considered “underwater,” owing more on their mortgage than their home is currently worth, according to recent CoreLogic data. Some states are seeing a higher number of underwater mortgages than others too.
Many of the states with the highest number of underwater mortgages also had some of the biggest housing booms a few years ago, before prices plunged.
24/7 Wall St., in analyzing CoreLogic’s fourth quarter 2011 data, recently profiled the states with the highest number of underwater home owners.
1. Nevada
Percentage of underwater households: 61.1%
Drop in median home values since housing peak:60%
2. Arizona
Percentage of underwater households: 48.3%
Drop in median home values since housing peak: 47.9%
3. Florida
Percentage of underwater households: 44.2%
Drop in median home values since housing peak: 44.8%
4. Michigan
Percentage of underwater households: 34.7%
Drop in median home values since housing peak: 30.1%
5. Georgia
Percentage of underwater households: 33%
Drop in median home values since housing peak: 26%
The author of this article is: http://realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/03/15/5-states-most-underwater-mortgages
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