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.
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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.
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