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.
[...] 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 [...]
[...] 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 [...]