The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.
Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company.
Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American.
The best loan to value ratios are in:
New York at 49%
Rhode Island at 51%
Hawaii at 52%
Montana at 55%
Connecticut at 57%
Washington DC at 59%
The worst loan to value ratios are in:
Arizona at 91%
Florida at 87%
Michigan at 84%
The national average is 70%
View all states here.
Goldman Sachs subsidiary files flurry of mortgage lawsuits
ReplyDeleteA subsidiary of bank holding firm Goldman Sachs filed more than 50 lawsuits in Las Vegas courts against individual homeowners during a one-month span this year. Some local observers say the litigation could signal the beginning of a Wall Street backlash against defaulting borrowers.
http://www.lvbusinesspress.com/articles/2009/11/23/news/iq_32535823.txt