November 10, 2008

Where Homes Are Worth Less Than the Mortgage

In 43 states, First American CoreLogic was able to analyze data for all homes with mortgages. Using estimates of current property values, the analysis shows that many homeowners owe more on their mortgages than the homes are now worth, a condition known as having negative equity. Move the cursor over a state to see the percentage of mortgaged homes with negative equity. Also shown is a statewide estimate for the total value of mortgaged homes compared to the total mortgage debt on those homes; the higher that number, the more indebted a state's homeowners are in relation to the value of their property. (Related Article)