S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Housing

5 States Account for 32% of Underwater Mortgages

Photo of Paul Ausick
By Paul Ausick Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Housing development
Thinkstock
Of nearly 45.9 million mortgaged residential properties in the United States at the end of the second quarter of 2015, in approximately 5.4 million (10.9%) the mortgage amount was greater than the value of the property. The percentage of underwater or negative equity properties at the end of the second quarter was higher than the 2014 fourth quarter total of 10.8% and the 2015 first quarter total of 10.2%.

Some 17.8% (approximately 9 million) of all mortgaged properties have positive equity below 20%, and 2.3% had less than 5% positive equity at the end of the second quarter. These levels are slightly lower than at the end of the first quarter of 2015, when 19.4% of all properties had positive equity below 20% and 2.7% had less than 5% positive equity.

The aggregate value of negative equity fell by $28.5 billion in the second quarter to a nationwide total of $309.5 billion. At the end of the first quarter, the aggregate value of underwater property totaled $338 billion. The data were released Tuesday by research firm CoreLogic.

CoreLogic’s CEO noted:

For much of the country, the negative equity epidemic is lifting. The biggest reason for this improvement has been the relentless rise in home prices over the past three years, which reflects increasing money flow into housing and a lack of housing stock in many markets. CoreLogic predicts home prices to rise an additional 4.7 percent over the next year, and if this happens, 800,000 homeowners could regain positive equity by July 2016.

ALSO READ: 8 States Running Out of Water

The five states with the highest percentage of homes with negative equity are Nevada (20.6%), Florida (18.5%), Arizona (15.4%), Rhode Island (13.8%) and Illinois (113.1%). These five states accounted for 31.7% of all underwater mortgages in the second quarter of 2015.

The five states with the highest percentages of homes with positive equity are Texas (97.9%), Alaska (97.6%), Hawaii (97.5%), Montana (97.2%) and Colorado (96.7%).

The five metropolitan areas with the highest percentage of properties with negative equity are:

  • Tampa-St. Pete-Clearwater, Fla. (20.2%)
  • Phoenix-Mesa-Scottsdale, Ariz. (15.4%),
  • Chicago-Naperville-Arlington Heights, Ill. (15.3%)
  • Riverside-San Bernardino-Ontario, Calif. (12.3%)
  • Warren-Troy-Farmington Hills, Mich. (11.8%).

The five metro areas with the highest percentage in positive equity are:

  • Houston-The Woodlands-Sugar Land, Texas (98.1%)
  • Portland-Vancouver-Hillsboro, Ore. (97.8%)
  • Dallas-Plano-Irving, Texas (97.8%)
  • Anaheim-Santa Ana-Irvine, Calif. (97.5%)
  • Denver-Aurora-Lakewood, Colo. (97.5%)

ALSO READ: European Home Prices Are Recovering

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Underwater Mortgages Highest in Nevada, Florida, Illinois
Paul Ausick |

Underwater Mortgages Highest in Nevada, Florida, Illinois

Of more than 50 million mortgaged residential properties in the United States at the end of the first quarter of…
Paul Ausick |

5 Metro Areas With the Most (and Fewest) Underwater Mortgages

Of 49.5 million mortgaged properties in the U.S. at the end of the second quarter, in about 5.3 million the…
Nevada, Florida, Arizona Claim Most Underwater Mortgages
Paul Ausick |

Nevada, Florida, Arizona Claim Most Underwater Mortgages

At the end of the third quarter, the states with the highest percentage of homes with negative equity included Nevada,…
Paul Ausick |

Just 4 States Account for a Third of Underwater Mortgages

Of nearly 44.6 million mortgaged properties in the United States at the end of the third quarter of 2014, about…
Nevada, Florida, Illinois Have Most Underwater Mortgages
Paul Ausick |

Nevada, Florida, Illinois Have Most Underwater Mortgages

Of more than 46 million mortgaged residential properties in the United States at the end of the fourth quarter of…
Paul Ausick |

Negative Home Equity Numbers Improving

ThinkstockOf nearly 49 million mortgaged properties in the United States at the end of the third quarter, there are 6.4…
Paul Ausick |

5 States Account for Nearly a Third of Underwater Mortgages

Of nearly 45 million mortgaged residential properties in the United States at the end of the first quarter of 2015,…
Paul Ausick |

4 States Account for Nearly a Third of Underwater Mortgages

Of nearly 50 million mortgaged properties in the United States at the end of the fourth quarter of 2014, more…
Paul Ausick |

Underwater Mortgage Levels Continue to Drop

ThinkstockOf more than 49.3 million mortgaged properties in the United States at the end of the first quarter of 2014,…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618