RealtyTrac’s U.S. Home Equity & Underwater Report shows that there are 9.1 million U.S. residential properties seriously underwater in the first quarter.
To be seriously underwater, the combined loan amount secured by the property is at least 25% higher than the property’s market value.
But where are they? And how do they breakdown? HousingWire will walk you through it.
The recent peak in negative equity was the second quarter of 2012, when 12.8 million U.S. residential properties representing 29% of all properties with a mortgage were seriously underwater.
Which states had the highest percentage of properties seriously underwater?
1) Nevada (34%)
2) Florida (31%)
3) Illinois (30%)
4) Michigan (29%)
5) Ohio (27%)
Hard to believe prices could get out of whack in this market.
Which MSAs with 500,000 or more had the highest percentage of underwater properties?
1) Las Vegas (37%)
2) Lakeland, Fla. (36%)
3) Palm Bay-Melbourne-Titusville, Fla. (35%)
4) Cleveland (35%)
5) Akron, Ohio (34%)
6) Detroit (33%)
Click below for the markets with the most resurfacing equity, the markets with most positive-equity foreclosures, and the markets with the most equity rich properties.