Millions of Mortgages Underwater
SANTA ANA, Calif. -- A study released last week on negative equity shows just how bad the housing market is.
About 18%--7.62 million--of the nation's homes with a mortgage are underwater, according to a study released today by First American CoreLogic.
The study also found that nearly half of all borrowers in Nevada are currently underwater on their mortgages.
California, Arizona, Florida, Georgia and Michigan together accounted for nearly 60% of all homeowners who owe more on their houses than they are worth.
First American CoreLogic provides residential mortgage data and analytics for the mortgage industry and Wall Street.