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More than 9 million U.S. homes are deeply under water

By Erika Engle

POSTED:
LAST UPDATED: 07:23 a.m. HST, Jan 09, 2014



The number of homes worth at least 25 percent less than the combined loans secured by the property, is at 9.3 million in the U.S.

While significant, the number is declining, according to RealtyTrac's U.S. Home Equity & Underwater Report for December.

The 9.3 million is significantly down from the 10.9 million deeply underwater properties found in January of 2013, and is down from the 10.7 million in the company's September report, a figure representing 23 percent of all properties with a mortgage.

The most recent "negative equity" peak recorded by RealtyTrac was in May, 2012, when 12.8 million, or 29 percent  of all homes under mortgage, were deeply underwater.

Hawaii has the highest percentage of equity-rich residential properties at 36 percent, compared to 33 percent in New York, 26 percent in California, and 24 percent in Maine, Montana and the District of Columbia, the report found.







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HD36 wrote:
The effort to reinflate the housing bubble and create the "wealth effect" to goose consumer spending and thus GDP is another misguided Keynesian policy which has prevented the economy from badly needed restructuring. Capital needs to flow into production using a real market rate of interest.
on January 9,2014 | 06:39AM
Cricket_Amos wrote:
What does "equity rich" mean? Sounds like what we are talking about here is "equity poor"
on January 9,2014 | 07:29AM
stingray65 wrote:
That means that properties here in Hawaii increase in value better than anywhere else in mainland..that include private home as well..Therefore, hold on to your home and do not sell anytime now for the Real Estate is on the rise as we speak. Buy now if you can afford and sell later for more properties.
on January 9,2014 | 09:10AM
saveparadise wrote:
It means wherever the rich flock the homeprices and cost of living go up driving out the poor people.
on January 9,2014 | 09:24AM
GONEGOLFIN wrote:
Is what is means is: better invest in some property no matter what the cost or whatever you can afford as the economists expect a steady increase of value over the next 4 years.
on January 9,2014 | 11:08AM
GONEGOLFIN wrote:
The main focus on this article is the "equity poor" of MOST of the USA. In Hawaii, we have a large percetage of homes that have plenty equity due to the ever-increasing property market.
on January 9,2014 | 11:07AM
HD36 wrote:
It means that alot of people don't have a mortgage or very little recourse debt compared to the market price of the house. Most, like my dad, inherited the property debt free and didn't use it like an ATM machine and buy the latest electronic fad or a fast depreciating but impressive to a few, German car.
on January 9,2014 | 03:27PM
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