Does owing more on your home than the house is actually worth sound familiar? As home prices continue to slide more and more homeowners find themselves underwater. After last year’s foreclosure activity it is no surprise that so many homes are in trouble.
According to a report by Corelogic, the number of underwater mortgages as a percentage of all mortgaged homes in the US rose in the fourth quarter of last year. Corelogic’s Negative Equity report suggests that mortgages 11.1 million homes out of the 48.7 million mortgaged homes are underwater. Based on this report we were able to identify the ten states with the top percentage of underwater homes.
Some of the states on the list had been dealing with economic problems long before the current recession. States like Rhode Island and Michigan have been dealing with long term industrial declines for quite some time, therefore, drops for their home values are only accelerated by recession that the rest of the country went through.
For the majority of the states on the list below, a decline in the housing market is the sole reason homeowners find themselves owing more than their house is worth. Check out the 10 states depressed by underwater mortgages:
10. Virginia
Pct. homes underwater: 23%
Total property value: $428.46 billion
Mortgage debt outstanding: $307.48 billion
Median home value drop from peak: 16.7% (21st-biggest decline)
Homes in foreclosure or 90+ days delinquent: 4.1% (ninth-smallest percentage)
9. Ohio
Pct. homes underwater: 23.9%
Total property value: $310.62 billion
Mortgage debt outstanding: $238.20 billion
Median home value drop from peak: 14.4% (23rd-biggest decline)
Homes in foreclosure or 90+ days delinquent: 6.9% (14th-largest percentage)
8. Maryland
Pct. homes underwater: 24.3%
Total property value: $418.34 billion
Mortgage debt outstanding: $296.81 billion
Median home value drop from peak: 23.7% (12th-biggest decline)
Homes in foreclosure or 90+ days delinquent: 8.0% (tied for fifth-largest percentage)
7. Idaho
Pct. homes underwater: 25.0%
Total property value: $49.76 billion
Mortgage debt outstanding: $36.58 billion
Median home value drop from peak: 29.3% (sixth-biggest decline)
Homes in foreclosure or 90+ days delinquent: 5.2% (20th-smallest percentage)
6. California
Pct. homes underwater: 29.9%
Total property value: $2.73 trillion
Mortgage debt outstanding: $1.94 trillion
Median home value drop from peak: 46.7% (third-biggest decline)
Homes in foreclosure or 90+ days delinquent: 7.0% (12th-largest percentage)
5. Georgia
Pct. homes underwater: 33.0%
Total property value: $306.59 billion
Mortgage debt outstanding: $252.81 billion
Median home value drop from peak: 26% (10th-biggest decline)
Homes in foreclosure or 90+ days delinquent: 8.0% (tied for fifth-largest percentage)
4. Michigan
Pct. homes underwater: 34.7%
Total property value: $198.05 billion
Mortgage debt outstanding: $165.45 billion
Median home value drop from peak: 30.1% (fifth-biggest decline)
Homes in foreclosure or 90+ days delinquent: 6.5% (19th-largest percentage)
3. Florida
Pct. homes underwater: 44.2%
Total property value: $809.95 billion
Mortgage debt outstanding: $706.00 billion
Median home value drop from peak: 44.8% (fourth-biggest decline)
Homes in foreclosure or 90+ days delinquent: 17.4% (the largest percentage)
2. Arizona
Pct. homes underwater: 48.3%
Total property value: $243.02 billion
Mortgage debt outstanding: $226.22 billion
Median home value drop from peak: 47.9% (second-biggest decline)
Homes in foreclosure or 90+ days delinquent: 7.1% (11th-largest percentage)
1. Nevada
Pct. homes underwater: 61.1%
Total property value: $96.57 billion
Mortgage debt outstanding: $109.94 billion
Median home value drop from peak: 60% (the biggest decline)
Homes in foreclosure or 90+ days delinquent: 13.4% (second-largest percentage)
As 2011 wrapped up, 13.4% of mortgages are either 90 days delinquent or in the foreclosure process. So now that 2012 is upon us, let’s see what numbers will change. What do you predict?
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