Home > Avid Law Center > California is 6th-most “Underwater” state

California is 6th-most “Underwater” state

Underwater homesThe Orange County Register is reporting that as of the end of the third quarter, almost one out of every six (or 29.7%) Orange County homeowners had “negative equity,” owing more than their homes were worth, according to new figures from Santa Ana data giant CoreLogic.

Third quarter figures from CoreLogic:

  • 98,069 Orange County homeowners were under water, or 17.6% of all Orange County homes with a mortgage.
  • But there were 449 fewer underwater homeowners last quarter than the year before, a decrease of 0.5%.
  • The number of underwater homes in Orange County has been on a downward trajectory since late 2009, with the number of underwater homeowners dropping 14% since then.
  • The number of homeowners who were close to being under water represented 4.3% of all households with a mortgage, up from 4.2% in the previous three quarters.

According to CoreLogic, California is the 6th-most underwater state. Georgia has pushed California from the top five, a position its held since CoreLogic began tracking underwater (or “negative equity”) rates in 2009.

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