20 States With the Most and Least Mortgage Debt

Before you go, we thought you'd like these...
mortgage debtStill a threat to the housing recovery that everyone is lauding is a staggering amount of mortgage debt that many homeowners can't crawl out from under. Imagine what that debt totals in the states hardest hit by the housing crisis. With millions of mortgage holders in each state -- some of them seriously underwater -- the states with the most mortgage debt are strapped for billions. (Make that trillions for the state with the most mortgage debt in the country.)

"Although the housing market is beginning to take stronger steps toward recovery, it continues to be weighed down by a massive amount of mortgage debt that is holding many homeowners hostage in homes that are worth less than what is owed on the mortgage," said Daren Blomquist, vice president of online foreclosure marketplace RealtyTrac. "This is contributing to a shortage of inventory available for sale in the market, which is hobbling a recovery in the housing market and, by extension, in the overall economy. Until rising home prices ... help recalibrate the ratio of mortgage debt to home values, we can't declare a fundamentally sound housing recovery."

RealtyTrac broke down the 10 states with the most mortgage debt and the 10 states with the least, which you can see in the gallery below. "Of biggest concern are those states where total mortgage debt exceeds the total value of homes with a mortgage," Blomquist said. "When the cumulative equity for a state is negative, there are still foundational fissures threatening the health of that state's housing market -- even if there are positive signs of strength above the surface."

20 PHOTOS
20 States With the Most and Least Mortgage Debt
See Gallery
20 States With the Most and Least Mortgage Debt

Total mortgage debt: $297.4 billion
Average debt per mortgage: $209,740
Properties with a mortgage: 1,417,768
Mortgages seriously underwater: 466,550

Find homes for sale in Arizona, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $334.4 billion
Average debt per mortgage: $267,014
Properties with a mortgage: 1,250,455
Mortgages seriously underwater: 194,755

Find homes for sale in Massachusetts, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $337.3 billion
Average debt per mortgage: $261,807
Properties with a mortgage: 1,288,348
Mortgages seriously underwater: 292,992

Find homes for sale in Washington, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $337.9 billion
Average debt per mortgage: $266,390
Properties with a mortgage: 1,268,585
Mortgages seriously underwater: 323,288

Find homes for sale in Maryland, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $409.9 billion
Average debt per mortgage: $273,107
Properties with a mortgage: 1,500,725
Mortgages seriously underwater: 259,187

Find homes for sale in New Jersey, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $445.4 billion
Average debt per mortgage: $289,315
Properties with a mortgage: 1,539,618
Mortgages seriously underwater: 135,420

Find homes for sale in New York, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $496.9 billion
Average debt per mortgage: $229,789
Properties with a mortgage: 2,162,551
Mortgages seriously underwater: 752,682

Find homes for sale in Illinois, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $511.4 billion
Average debt per mortgage: $161,707
Properties with a mortgage: 3,162,654
Mortgages seriously underwater: 1,182,055

Find homes for sale in Texas, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $895.7 billion
Average debt per mortgage: $206,558
Properties with a mortgage: 4,336,773
Mortgages seriously underwater: 1,860,261

Find homes for sale in Florida, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $2.5 trillion
Average debt per mortgage: $357,958
Properties with a mortgage: 6,955,256
Mortgages seriously underwater: 1,826,583

Find homes for sale in California, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $20.6 billion
Average debt per mortgage: $167,179
Properties with a mortgage: 123,461
Mortgages seriously underwater: 7,439

Find homes for sale in Arkansas, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $6.1 billion
Average debt per mortgage: $138,450
Properties with a mortgage: 44,060
Mortgages seriously underwater: 6,279

Find homes for sale in Kentucky, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $3 billion
Average debt per mortgage: $144,158
Properties with a mortgage: 20,606
Mortgages seriously underwater: 835

Find homes for sale in North Dakota, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $2.1 billion
Average debt per mortgage: $200,698
Properties with a mortgage: 10,432
Mortgages seriously underwater: 303

Find homes for sale in Mississippi, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $1.1 billion
Average debt per mortgage: $129,494
Properties with a mortgage: 8,827
Mortgages seriously underwater: 377

Find homes for sale in West Virginia, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $656.5 million
Average debt per mortgage: $160,831
Properties with a mortgage: 4,082
Mortgages seriously underwater: 858

Find homes for sale in Idaho, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $526.3 million
Average debt per mortgage: $236,851
Properties with a mortgage: 2,222
Mortgages seriously underwater: 817

Find homes for sale in Alaska, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $280.3 million
Average debt per mortgage: $162,608
Properties with a mortgage: 1,724
Mortgages seriously underwater: 256

Find homes for sale in Montana, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $181.1 million
Average debt per mortgage: $167,082
Properties with a mortgage: 1,084
Mortgages seriously underwater: 29

Find homes for sale in Vermont, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

Total mortgage debt: $177.6 million
Average debt per mortgage: $142,332
Properties with a mortgage: 1,248
Mortgages seriously underwater: 404

Find homes for sale in Wyoming, or search listings in your area.

Source: RealtyTrac

Photo: Wikimedia Commons

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

See also:
The Happiest and Most Miserable Cities in America
10 States Where You Can't Get a Mortgage
U.S. Cities With the Most Vacant Homes

More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.


Using a Credit Card for Mortgage Payments
Read Full Story

Find a Home

Buy
Rent
Value
Powered by Zillow

People are Reading