27% of US Homes Under Water


Due to declining home prices, more than a quarter of all homes in the United States are under water, i.e., the homeowners owe more on their mortgages than what their homes are worth.
John Gittlesohn of Bloomberg reports on February 8, 2011, that about 15.7 million homeowners had negative equity at the end of the year, up from 13.9 million in the previous three months, the real estate information company Zillow said in a report. The total represented 27% of mortgaged single-family homes.
Tom Lawler, a real estate economist and former risk policy veep at Fannie Mae, issued a warning of a 300% increase in foreclosures “coming soon.” (H/t Joseph)
Here’s a list of counties with the highest percentage of mortgages under water as of September 30, 2010. Leading the nation is Clark County (Las Vegas) in Nevada, where 71.1% of homes are under water. 7 of the worst 20 counties are in Florida; 6 of the worst 20 counties are in California. (source: USA Today):

DEEPLY UNDERWATER
 
 
Rank County State
Mortgages under water
1 Clark Nev.
71.1%
2 Osceola Fla.
66.5%
3 Merced Calif.
63.1%
4 St Lucie Fla.
62.4%
5 San Joaquin Calif.
59.6%
6 Stanislaus Calif.
57.5%
7 Clayton Ga.
56.1%
8 Orange Fla.
56.1%
9 Solano Calif.
55.6%
10 Maricopa Ariz.
54.4%
11 Washoe Nev.
53.3%
12 Pinal Ariz.
52.6%
13 Flagler Fla.
52.5%
14 Pasco Fla.
51.5%
15 Riverside Calif.
50.5%
16 Kern Calif.
50.2%
17 Broward Fla.
50.1%
18 Lee Fla.
49.5%
19 Canyon Idaho
49.0%
20 Henry Ga.
48.8%
21 Polk Fla.
48.5%
22 Hillsborough Fla.
48.5%
23 Dade Fla.
48.2%
24 Sacramento Calif.
47.9%
25 Paulding Ga.
47.5%
26 Prince William Va.
47.4%
27 San Bernardino Calif.
46.9%
28 Brevard Fla.
46.9%
29 Wayne Mich.
46.6%
30 Hernando Fla.
46.5%
Source: CoreLogic

 

IN THE BLACK
U.S. counties with the lowest percentage of homeowners whose mortgages were under water as of Sept. 30:
Rank County State
Mortgages under water
357 Shawnee Kan.
6.5%
358 Washington R.I.
6.5%
359 Buncombe N.C.
6.4%
360 Boulder Colo.
6.3%
361 Bucks Pa.
6.2%
362 Boone Ky.
6.1%
363 Tulsa Okla.
6.0%
364 Staten Island (Richmond) N.Y.
6.0%
365 Linn Iowa
5.9%
366 Hennepin Minn.
5.7%
367 Chester Pa.
5.7%
368 Montgomery Pa.
5.6%
369 Berkshire County Mass.
5.6%
370 El Paso Texas
5.5%
371 Nueces Texas
5.3%
372 Monroe N.Y.
5.2%
373 Hampshire County Mass.
5.2%
374 Sangamon Ill.
5.2%
375 Oklahoma Okla.
5.2%
376 Lancaster Pa.
5.0%
377 Yellowstone Mont.
5.0%
378 Allegheny Pa.
4.7%
379 Madison Ala.
4.7%
380 Benton Wash.
4.3%
381 Cleveland Okla.
4.2%
382 Cumberland N.C.
4.2%
383 Erie N.Y.
4.2%
384 Manhattan N.Y.
4.2%
385 Suffolk N.Y.
2.1%
386 Orange N.Y.
1.0%
Source: CoreLogic

~Eowyn

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0 responses to “27% of US Homes Under Water

  1. Friends, we must band together in voluntary association to secure our food and water. Get to know your rural community, even seriously consider relocating to the countryside to raise as much of your sustenance as possible.
    You can do it at any age if you collaborate w/others intragenerationally.
    Think ACTS and how early Christians looked after one another.
    Don’t tell me Christianity doesn’t work…. I say it’s rarely been tried!!

     
  2. Dave from Atlanta

    Item #25 – Paulding GA – thats me, and yes, my home is severely underwater. If I can continue to put an extra $1k per month on the house for the next 30 months (as I have done for the last 12) I should be at the break-even point on equity in the middle of 2013. No new cars in my family’s future!

     
  3. Amen Joseph…I agree!

     
    • Dear Angel:
      I truly mean what I wrote, and I’ll be 68 in a week. Once we get used to living as our parents and grandpers did, we’ll be fine. I lived for eight years w/o hydro, burned 5 cords of wood, used a little kerosene and less coal and did just fine. We raised three superior healthy kids on that regime, goats’ milk, and home-grown meats, veggies, and fruit.
      Although I’m living in an urb now, we do all we can to stay centered and in line w/the Creation. We’ll soon tear out the rear lawns and replace them w/veg beds. Yes, we can, and nobody else ever has!!

       

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