Orlando Real Estate - Blog

March 20th, 2010 11:34 AM

11.3 Million (25%) of all U.S. Mortgages are Underwater

Cnn.Money.com and several others are reporting that according to FirstAmerican CoreLogic more than 11.3 million homeowners, almost 25% of all U.S. mortgages, owe more on their mortgage than their home is now worth.  That is up from 23% and 10.7 million borrowers from three months earlier.  An equally critical number is that over 10% of all mortgagees owe 25% more than their home is worth.  "The rise in negative equity is closely tied to increases in pre-foreclosure activity," CoreLogic said. Once a homeowner owes 25% more than the house is worth, foreclosure rates rise sharply.
 
The number of underwater mortgages increased by about 620,000 from the third quarter, the firm said. Another 2.3 million mortgages had less than 5% equity in their home, which could be wiped out if home prices fall further.  "Negative equity is a significant drag on both the housing market and on economic growth," said Mark Fleming, chief economist with First American CoreLogic. "It is driving foreclosures and decreasing mobility for millions of homeowners."

Underwater mortgages are concentrated in few states.  In Nevada, 70% of mortgages were underwater followed by Arizona (51%), Florida (48%), Michigan (39%) and California (35%).

These numbers, along with close to 10% delinquency rates with payments over 60 days late for both FHA and Jumbo loans, point to a slow recovery.  It does however highlight likely upcoming opportunities for Short Sale and REO investors.

Stop Foreclosure

 Save Your Credit

Orlando Short Sale

Orlando Short Sale - Loan Modification image

Posted by Orlando Realty Experts on March 20th, 2010 11:34 AMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Orlando Homes for Sale image

Orlando Home Valuation image

Orlando Short Sales Foreclosure image

Orlando Real Estate Agents - Homevest Realty image  Orlando Realtors image Realtors Real Estate Orlando image 

Orlando Realty Experts logo image

Orlando Real Estate

We at Orlando Realty Experts are looking for quality realtors to join our growing team of experts, providing professional real estate services to our customers and clients.  Also, offering lead generation and referral partnership programs for established market leaders.

Orlando Real Estate - Service Areas

Orlando – Kissimmee Metro Service Area: Altamonte Springs, Altoona, Apopka, Astatula, Astor Belle, Astor, Belle Isle, Casselberry, Celebration, Christmas, Chuluota, Clermont, Davenport, Dr. Phillips, Eustis, Fruitland Park, Geneva, Gotha, Grand Island, Groveland, Harmony, Howey in the Hills, Kissimmee, Lady Lake, Lake Mary, Leesburg, Longwood, Maitland, Mascotte, Montverde, Mt. Dora, Mt. Plymouth, Oakland, Ocoee, Orlando, Oviedo, Paisley, Poinciana, Reunion, Sanford, Sorrento, St. Cloud, Tangerine, Tavares, The Villages, Umatilla, Windermere, Winter Garden, Winter Park & Winter Springs.

Orlando Metro Service Area - Central Florida Counties: Orange County, Seminole County, Osceola County, Polk County & Lake County.

Orlando Realty Experts: Provides services to home buyers and sellers in Orlando Florida, including FREE Orlando MLS (multiple listing service) search, Orlando new construction homes, preconstruction property, foreclosures, short sales and distressed property in Orlando FL. We are experienced real estate Orlando agents and  brokers that can represent you in the buying process as a buyers agent or help you in selling a home in Orlando. About Us - Location 

Orlando Short Sale Center: A short sale in Orlando offers homeowners a way to avoid foreclosure and help save their credit.  We have a team of licensed Orlando Realtors and loss mitigation experts who specialize in pre-foreclosures and the short sale of all types of property. 

All our agents are licensed by the State of Florida DPBR; active members of the Orlando Board of Realtors, Florida Association of Realtors and National Association of Realtors.  


Orlando Realty Experts 424 E. Central Blvd. Suite 516 Orlando, FL 32801
Phone: Fax:

Why Choose Us! | Contact Us | Free Home Valuation | Search New Construction | Search Orlando Listings | Orlando Relocation Guide | Orlando Short Sale | Looking to Buy | Looking to Sell | Home | Foreclosure Listings | Our Blog

Copyright © 2012 Orlando Realty Experts
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.