5 States With the Most Underwater Mortgages

About 22 percent of home owners nationwide are considered “underwater,” owing more on their mortgage than their home is currently worth, according to recent CoreLogic data. Some states are seeing a higher number of underwater mortgages than others too.

Many of the states with the highest number of underwater mortgages also had some of the biggest housing booms a few years ago, before prices plunged.

24/7 Wall St., in analyzing CoreLogic’s fourth quarter 2011 data, recently profiled the states with the highest number of underwater home owners.

1. Nevada
Percentage of underwater households: 61.1%
Drop in median home values since housing peak:60%

2. Arizona
Percentage of underwater households: 48.3%
Drop in median home values since housing peak: 47.9%

3. Florida
Percentage of underwater households: 44.2%
Drop in median home values since housing peak: 44.8%

4. Michigan
Percentage of underwater households: 34.7%
Drop in median home values since housing peak: 30.1%

5. Georgia
Percentage of underwater households: 33%
Drop in median home values since housing peak: 26%

See what other states are saddled with underwater mortgages at 24/7 Wall St.

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