Tuesday, November 24, 2009
Splashed across the front page of today's Wall Street Journal is this story about how almost 11 million homeowners in the U.S. - nearly one-quarter of all homeowners with mortgages - now owe more than their house is worth.
Also, the very cool interactive graphic shown below along with a sortable table is well worth poking around at a little in order to learn more (not here, at the WSJ).
For example, if you follow the link above and then click atop the right-most column, you'll find that Nevada homeowners, as a group, have a loan to value ratio of 114 percent and a net homeowner negative equity of almost $15 billion!
While Nevada is the clear leader in negative equity share (i.e., percent of mortgages that are underwater at 65 percent), Georgia leads the nation with the highest percentage of mortgages in "near negative equity", defined as within 5 percent of negative equity.