Publication Date:
Thu, 2010-09-23 02:30
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Nevada continues to lead the nation for its share of homes with negative equity, with its negative equity rate of 68 percent significantly outpacing second-place Arizona's rate of 50 percent, according to a recent report by CoreLogic [1].
The report estimates nearly 53,000 residential properties, or 55 percent, of homes with an active mortgage have negative equity. That's down slightly from 56 percent in the first quarter of the year.
The analysis showed the percentage of near-negative-equity homes — a likely sign of foreclosure — increased during the first two quarters of the year, comprising 4,152 homes, or 4.3 percent of residential properties with an active mortgage. After hitting a low of 3,278 in January, the number of homes in the market shot up to 4,334 on Aug. 1. The all-time high for inventory was 4,701, which was set in July 2008. The number includes single-family homes, condos and manufactured homes.
Rounding out the negative-equity top five are Florida at 46 percent, Michigan at 38 percent and California at 33 percent.
