Are you underwater with your mortgage? You’re not alone.
According to the latest figures from CoreLogic, 10.8 million, or 22.5 percent, of all residential properties with mortgages were in negative equity at the end of the third quarter of 2010, down from 11 million and 23 percent in the second quarter.
Unfortunately, the decrease in the number of homeowners who are underwater with their loans was due primarily to foreclosures of severely negative-equity properties rather than an increase in home values.
Besides indicating that the decline in home values is far from over, the latest numbers show some interesting patterns. For example, negative equity remains concentrated in five states: Arizona, California, Florida, Michigan, and Nevada. What do home values look like in your state? Is there any turn around on the horizon?
To read more about the trends in negative equity, check out my full post at http://real-estate.equifax.com/2011/01/underwater-with-your-mortgage-youre-not.html.
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor
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