States with the Most Homes Underwater

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10. Ohio
>Pct. mortgages underwater: 24.6%
>Total property value: $305.30 billion (13th highest)
>Mortgage debt outstanding: $233.19 billion (13th highest)
>Pct. mortgages 90+ days delinquent: 6.6% (14th highest)

Of the state’s 2.16 million mortgages, about 529,800, or nearly a quarter of homes with mortgages, were underwater as of the first quarter of this year. Meanwhile, an additional 125,901 homes, or 5.8% of the homes in the states, were near negative equity. In April, 6.6% of those with mortgages were 90 days or more overdue on their payments, and 3.4% were in foreclosure — the 10th-highest proportion in the country. While the state has the 10th-highest percentage of mortgages with negative equity, it has the seventh-highest total loan to value ratio of 76.4%.

9. Maryland
>Pct. mortgages underwater: 24.8%
>Total property value: $416.56 billion (9th highest)
>Mortgage debt outstanding: $293.50 billion (9th highest)
>Pct. mortgages 90+ days delinquent: 7.9% (6th highest)

Between the end of 2006 and the end of 2011, home prices in Maryland fell by 28.9%, the 10th-largest decline in the country. Nearly 30% of Maryland’s homes with mortgages either had negative equity or were near negative equity as of the first quarter of this year. Fortunately, Maryland’s economy is better than most. The state’s unemployment rate in May was 6.8%, and Maryland has the highest median income in the country, which should help mitigate some of the pressure on homeowners. However, while foreclosure rates in April were the 17th highest at 3%, the state has the sixth-highest percentage of mortgages that are 90 days or more delinquent on their payments.

8. Idaho
>Pct. mortgages underwater: 26.3%
>Total property value: $46.88 billion (13th lowest)
>Mortgage debt outstanding: $34.70 billion (15th lowest)
>Pct. mortgages 90+ days delinquent: 4.8% (17th lowest)

The total property value of the state of Idaho is an estimated $46.9 billion. Total outstanding debt is estimated at $34.7 billion. Between the end of 2008 and the end of last year, home prices fell by 22%, the third-highest decline in the country and worse than states like Florida and Arizona. Fiserv projects the state’s housing market is making a recovery. Home prices are expected to rise by 4.1% in 2012 — the largest increase among all states. Between the end of this year and the end of 2013, they are expected to increase an additional 12% — far more than any other state.

Also Read: America’s Sickest Housing Markets

7. Illinois
>Pct. mortgages underwater: 28%
>Total property value: $480.02 billion (7th highest)
>Mortgage debt outstanding: $368.11 billion (6th highest)
>Pct. mortgages 90+ days delinquent: 8.8% (4th highest)

There were 624,577 negative equity mortgages in Illinois, higher than all states except for California and Florida. Together with near negative equity mortgages, that number rises to 734,459. Homeowners in Illinois have more than $368 billion in mortgage debt outstanding, or more than three times the $112 billion those homeowners have in home equity. Some of the homeowners are in significant trouble. About 5.3% of all homes in the state are in foreclosure — more than all states except for Florida and New Jersey.

6. California
>Pct. mortgages underwater: 30.5%
>Total property value: $2,690 billion (the highest)
>Mortgage debt outstanding: $1,911 billion (the highest)
>Pct. mortgages 90+ days delinquent: 6.2% (18th highest)

The California housing market is so large that it has a strong effect on national averages. About 22% of both the total property value and outstanding mortgage debt in the U.S. is in California. Between the fourth quarter of 2006 and the fourth quarter of last year, home prices fell in California by an estimated 46.7% — the fourth-largest decline in the country after only Nevada, Arizona and Florida. The state’s mortgage owners have taken a severe hit as a result. Not helping matters much is the state’s high unemployment rate. In May it was still in the double digits at 10.8%, the third highest in the country.