An analysis by First American CoreLogic reveals that 7.5 million single family homes are worth less than what they owe on their mortgage. 2.1 million were close to being upside down as of the end of September.
An automated valuation model was used to analyze the huge database of public records and produce what American CoreLogic claims is the industry's first state-level assessment of households that have negative equity.
Analyzing 42 million properties with mortgages found the states with the highest upside down mortgage percentages were Nevada at 48%, Michigan at 39%, Florida at 29%, Arizona at 29%, California at 27% and Georgia at 23%. These states account for about 58 percent of the nation's upside down mortgages the company estimates. The data reflects that nearly 23% of single family homes are at or near 5% of being upside down.
If you are one of these people, please contact me. There are many ways we can help you avoid foreclosure, save your credit and help you deal with this crisis. Many foreclosures can be avoided thus the ruining of your credit for 10 years by going through a short sale. It is a complicated process that is not expensive, but requires patience and knowledge in the banking market. Call me at 203-249-2693 so that we can talk about how we may be able to help you avoid foreclosure and start re-building your life!