12 States With the Most Underwater Mortgages

Before you go, we thought you'd like these...
Before you go close icon


By Mamta Badkar

Despite the housing recovery, 21.5 percent, or 10.4 million, of all residential properties continued to be underwater at the end of Q4 2012, according to the latest data by CoreLogic. The value of negative equity -- when homeowners owe more on their mortgages than their homes are worth -- fell to $628 billion from $670 billion the previous quarter. In particular, states hammered by Hurricane Sandy continue to struggle.

About 1.7 million homeowners moved to positive equity in 2012, and the trend should continue into 2013. But some parts of the country will recover faster than others. Using CoreLogic data, we ranked the 12 states that had the most underwater mortgages as a percentage of all mortgages, i.e. negative equity share.

Note: Loan-to-Value ratio is a measure used by financial institutions to gauge risk before approving a mortgage. The higher the LTV ratio, the higher the risk and the more expensive the loan.

13 PHOTOS
12 States That Are Deep Underwater
See Gallery
12 States With the Most Underwater Mortgages

Negative equity share: 21.0 percent
Total mortgages: 247,000
Average loan-to-value ratio: 73.3 percent

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

Source: CoreLogic

Photo: Flickr/Boise Metro Chamber

Negative equity share: 22.7 percent
Total mortgages: 48,000
Average loan-to-value ratio: 77.7 percent

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

Source: CoreLogic

Photo: Flickr/jared422_80

Negative equity share: 23.5 percent
Total mortgages: 1,362,000
Average loan-to-value ratio: 70.0 percent

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

Source: CoreLogic

Photo: Flickr/ebmorse

Negative equity share: 23.4 percent
Total mortgages: 228,000
Average loan-to-value ratio: 66.6 percent

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

Source: CoreLogic

Photo: Flickr/spablab

Negative equity share: 25.0 percent
Total mortgages: 2,142,000
Average loan-to-value ratio: 76.6 percent

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

Source: CoreLogic

Photo: Flickr/Stephen A. Wolfe

Negative equity share: 25.2 percent
Total mortgages: 6,758,000
Average loan-to-value ratio: 67.1 percent

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

Source: CoreLogic

Photo: Flickr/channone

Negative equity share: 28.4 percent
Total mortgages: 2,227,000
Average loan-to-value ratio: 77.3 percent

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

Source: CoreLogic

Photo: Flickr/compujeramey

Negative equity share: 31.9 percent
Total mortgages: 1,372,000
Average loan-to-value ratio: 80.8 percent

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

Source: CoreLogic

Photo: Flickr/Patricia Drury

Negative equity share: 33.8 percent
Total mortgages: 1,612,000
Average loan-to-value ratio: 82.6 percent

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

Source: CoreLogic

Photo: Flickr/downeym

Negative equity share: 34.9 percent
Total mortgages: 1,306,000
Average loan-to-value ratio: 82.1 percent

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

Source: CoreLogic

Photo: Flickr/combusean

Negative equity share: 40.2 percent
Total mortgages: 4,166,000
Average loan-to-value ratio: 83.6 percent

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

Source: CoreLogic

Photo: Flickr/Infrogmation

Negative equity share: 52.4 percent
Total mortgages: 548,000
Average loan-to-value ratio: 103.7 percent

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

Source: CoreLogic

Photo: Flickr/prud_de

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

See more on Business Insider:
The Ultimate Visual Representation of America's Boom, Collapse and Epic Comeback
9-Part Photo Of Tiananmen Square Perfectly Captures China's Wild Smog Problem
We Could See A Big Jump In Chinese Corporate Defaults This Year

More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find foreclosures in your area.
Find homes for rent in your area.
See more celebrity real estate.

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

Mortgage Short Sale
Read Full Story

Find a New Home

Buy
Rent
Value
Powered by Zillow

From Our Partners