23% of mortgaged U.S. properties underwater

In New York-White Plains-Wayne, 10.9 percent of homes have negative equity

New York /
Mar.March 01, 2012 02:30 PM

About 11.1 million, or 22.8 percent, of all U.S. residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2011, according to statistics released today by analytics firm CoreLogic, an increase from 10.7 million properties, or 22.1 percent of mortgaged U.S. homes, in the third quarter of 2011.

Combined, negative equity and near-negative equity mortgages accounted for more than a quarter of residential properties with a mortgage nationwide in the fourth quarter. The total mortgage debt outstanding on U.S. properties in negative equity increased from $2.7 trillion in the third quarter of 2011 to $2.8 trillion in the fourth quarter.

“Due to the seasonal declines in home prices and slowing foreclosure pipeline which is depressing home prices, the negative equity share rose in late 2011,” said Mark Fleming, chief economist with CoreLogic. “The high level of negative equity and the inability to pay is the ‘double trigger’ of default, is the reason we have such a significant foreclosure pipeline.”

In New York-White Plains-Wayne, 10.9 percent of all residential properties with a mortgage were in negative equity in the fourth quarter of 2011 compared to 10.5 percent in the third quarter. — Katherine Clarke


Related Articles

arrow_forward_ios
CoStar CEO Andy Florance
CoStar retreats from failed CoreLogic bid
CoStar retreats from failed CoreLogic bid
CoStar Group Andrew C. Florance. (Getty)
CoStar revenue soars 19% after year of acquisitions
CoStar revenue soars 19% after year of acquisitions
CoStar's Andy Florance and CoreLogic’s Frank D. Martell (Photos via Getty; Twitter)
CoStar offers $6.9B to buy CoreLogic
CoStar offers $6.9B to buy CoreLogic
From left: CoreLogic CEO Frank Martell, Stone Point Capital CEO Charles Davis and Insight Partners' Deven Parekh (Getty; Stone Point; Insight; iStock)
CoreLogic finds buyer in $6B deal
CoreLogic finds buyer in $6B deal
(Credit: iStock)
Austin MLS accuses CoreLogic of selling its data to appraisers group
Austin MLS accuses CoreLogic of selling its data to appraisers group
Mortgage delinquencies across US dipped to lowest in more than a decade: report
Mortgage delinquencies across US dipped to lowest in more than a decade: report
Mortgage delinquencies across US dipped to lowest in more than a decade: report
National Cheat Sheet: Industrial rents hit all-time high, homeownership rates increase nationwide … & more
National Cheat Sheet: Industrial rents hit all-time high, homeownership rates increase nationwide … & more
National Cheat Sheet: Industrial rents hit all-time high, homeownership rates increase nationwide … & more
Home prices in NY area climbed 5.1% year-over-year in August
Home prices in NY area climbed 5.1% year-over-year in August
Home prices in NY area climbed 5.1% year-over-year in August
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...