Top 5 states with the highest under water borrowers
The struggling housing market has resulted in home values hovering down affecting millions of borrowers to be underwater. This means that these homeowners are having hard time in paying their monthly mortgage and owe more that their homes currently worth.
A report from Corelogic shows that 22.5 percent of all residential properties with mortgage or equivalent to 10.9 million were in negative equity in the second quarter, down 0.2 percent from the previous quarter.
Here are the top 5 states with the highest number of underwater borrowers
1. Nevada with 60% of total properties with mortgage considered underwater
2. Arizona with 49%
3. Florida with 45%
4. Michigan with 36%
5. California with 30%
Source: CoreLogic.com
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