Drowning in mortgage debt

Posted: 23 March 2012 in Uncategorized
Tags: ,

I wonder if the rose-tinted glasses of the recovery enthusiasts work underwater.

I guess not because, according to the latest report from Corelogic (available here, and summarized here[ht: ja]), the number of underwater mortgages as a percentage of all mortgaged homes continues to rise. As of the fourth quarter of 2011, the mortgages on more than 11.1 million U.S. homes, or 22.8% of the nation’s 48.7 million mortgaged homes, were underwater.

Here are the numbers for the 10 states in most dire straits:

1. Nevada
> Pct. homes underwater: 61.1%

2. Arizona
> Pct. homes underwater: 48.3%

3. Florida
> Pct. homes underwater: 44.2%

4. Michigan
> Pct. homes underwater: 34.7%

5. Georgia
> Pct. homes underwater: 33.0%

6. California
> Pct. homes underwater: 29.9%

7. Idaho
> Pct. homes underwater: 25.0%

8. Maryland
> Pct. homes underwater: 24.3%

9. Ohio
> Pct. homes underwater: 23.9%

10. Virginia
> Pct. homes underwater: 23%

Clearly, it’s time to trade in those rose-tinted glasses for diving masks.

Comments
  1. [...] 11.1 million U.S. homes, or 22.8% of the nation’s 48.7 million mortgaged homes, were underwater. Completely submerged are Nevada, Arizona, Florida, Georgia and Michigan. Victory Lap: Marchers take the Brooklyn Bridge [...]

  2. [...] 11.1 million U.S. homes, or 22.8% of the nation’s 48.7 million mortgaged homes, were underwater. Completely submerged are Nevada, Arizona, Florida, Georgia and Michigan. Victory Lap: Marchers take the Brooklyn Bridge [...]

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