George S. May Business Blog

23 percent of American homeowners are “under water”

A report conducted by First American Core Logic has just been released that estimates 23 percent, or 10.7 million, United States residential mortgages are “upside down”. In other words, 23 percent of homeowners owe more on the house than it is worth. Nevada has the highest percentage of negative equity mortgages (65 percent) followed by Arizona (48 percent), Florida (45 percent), Michigan (37 percent), and California (35 percent).

The report also mentions that most of the upside mortgages are for new home owners and not those who refinanced. Condominiums also have higher shares of negative equity than single family homes as do investor-owned versus owner-occupied properties.

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