First American CoreLogic released its 3Q findings on properties with negative equity. 23 percent of all residential properties with mortgages were in negative equity in September 2009. Negative equity, often referred to as “underwater”, means that a borrower owes more on their mortgage than their home is worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.
Of Georgia’s 1,573,628 mortgages, 376,954 are “underwater”. And an additional 130,616 mortgages are just 5% away from being “underwater”. Learn more…
