Mar 01, 2012
Almost a quarter of homes underwater, more in Virginia
01 Mar 2012
Posted by Andrew Kantor
Almost 23% of U.S. residential properties with a mortgage are underwater, and another 3% are “near negative” (have less than five percent equity).
This comes from the latest negative equity report from CoreLogic.
Some other interesting tidbits:
Of the 11.1 million upside-down borrowers, about 60% only have one mortgage; the other 40% also have some kind of home equity loan.
Of those without a second mortgage, the average balance is $219,000 (underwater by an average of $51,000).
Of those with a second mortgage, the average balance is $306,000 (underwater by an average of $84,000).