At the state level, Nevada had the highest percentage of negative equity — 66.9 percent of homeowners with mortgages were underwater — followed by Arizona (52.3 percent), georgia (46.8 percent.
Fannie Mae unveils new forbearance program for unemployed Under the new forbearance program, unemployed borrowers may be allowed to defer all or a portion of their monthly mortgage payment for up to 12 months. Any foreclosure proceedings are suspended during the forbearance period. The unemployment forbearance program applies only to loans owned by Fannie Mae or Freddie Mac, which make up about half.
The housing research group defines "seriously underwater" as owing more than 25 percent than the home is worth. More than 1 in 6 homeowners with mortgages were seriously underwater in the.
Fortunately, Maryland’s economy is better than most. The state’s unemployment rate in May was 6.8%, and Maryland has. year, home prices fell in California by an estimated 46.7% – the fourth-largest.
In spite of this, most underwater homeowners continue to pay their mortgage dutifully. Even in Las Vegas where 71 percent of homeowners are underwater, many by twice the current home value, only 14 percent are 90+ days delinquent.
But the number of underwater homeowners there has dropped to 32 percent. The California Association of Realtors expects a 2-percent rise in the median home price in 2011. Of course, this is an organization that relies on homes sales, so we can take this forecast with a grain of salt.
Home Number of underwater homes plummets in Q4.. This chart demonstrates the gap between states such as Nevada with a high share of near and negative equity and the nearly depleted share in.
RealtyTrac says Nevada, Florida and Illinois hold the most properties underwater, while Hawaii, New York, California and Montana lead the list of states where homeowners are emerging fastest..
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Since last year, the state’s unemployment has remained above 12.0% — the highest in the nation. Nevada also unfortunately holds the title as the state with the most underwater mortgages. Housing prices are down 59.1% from their pre-crash peak, and a dismal 61% of all mortgaged properties in Nevada were underwater.
They’re also at risk of falling back underwater should prices drop again. Nevada still has the highest percentage of homeowners underwater, due to plummeting home values in Las Vegas during the.
The rate was down from 19.7 percent in the first quarter, 22.3 percent a year ago and 26 percent in the fourth quarter of 2009, which was the most since. past year has helped improve some.
In terms of metropolitan areas, Miami had the highest underwater homeownership rate, according to CoreLogic’s Home Equity Report, with the share of negative equity from all mortgages at 13.1%.
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