Almost a quarter of homes underwater, more in Virginia

Almost 23% of U.S. residential properties with a mortgage are underwater, and another 3% are “near negative” (have less than five percent equity).

Courtesy Calculated Risk In Virginia, the numbers are slightly higher than the national average; about 30% of Virginia’s homes are underwater or close to it.

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).

Read more over at Calculated Risk.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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