In 15 States, Deeply Underwater Foreclosures Still Reign

January 13, 2014
Washington Post 
mortgage lending news
Although the residential real estate market is slowly improving, weak spots continue to linger. In 15 states, RealtyTrac reports that the share of "deeply underwater" foreclosures was greater than those with equity last month. Overall, though, the December numbers show deeply underwater foreclosures remain on the decline and that homes flush with equity are increasing.

The five states with the highest percentage of deeply underwater foreclosures were Nevada (65 percent of foreclosures), Florida (61 percent), Illinois (61 percent), Michigan (55 percent), and Ohio (48 percent). Those results, though, are just for those residences in foreclosure. In two states particularly hard hit by the housing crisis, Nevada and Florida, "deeply underwater" homes accounted for more than one in every three residences.

States where loan value was well below the value of the house included Hawaii (36 percent), New York (33 percent), and California (26 percent).

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