How long can you breathe underwater?
August 27, 2010
Top 10 states with highest share of negative equity mortgages
1. Nevada (68 percent of 592,000 mortgages)
2. Arizona (50 percent of 1.3 million mortgages)
3. Florida (46 percent of 4.5 million mortgages)
4. Michigan (38 percent of 1.4 million mortgages)
5. California (33 percent of 6.9 million mortgages)
6. Georgia (28 percent of 1.6 million mortgages)
7. Idaho (24 percent of 243,000 mortgages)
8. Virginia (23 percent of 1.2 million mortgages)
9. Maryland (22 percent of 1.4 million mortgages)
10. Utah (20 percent of 470,000 mortgages)
Those are scary stats. 68% is unreal!
‘Scary’ is definitely the word to describe the Las Vegas market. Those top ‘Big 3″ states will take a long time to correct. Idaho and Utah are fast risers too, they’ve only recently experienced a big surge in foreclosures, but more are sure to come.