10.9 million homeowners have mortgages underwater according to a new report by CoreLogic.
In Q2, 22.5% of all residential properties with a mortgage are in negative equity i.e. owe more on their mortgages than their home. Just slightly lower than 22.7% the last quarter.
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In the five worst states, 38% of all mortgages were in negative equity, compared to 41% a year ago. But that decline is largely attributed to foreclosures.
CoreLogic’s chief conomist Mark Fleming said: “High negative equity is holding back refinancing and sales activity and is a major impediment to the housing market recovery.”
We’ve ranked the 14 states that have over 20% negative equity. We also included each state’s overall loan-to-value (LTV) ratio. Corelogic found that borrowers with the highest LTV ratios tended to have the highest mortgage rates.
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