2 in 5 Jacksonville Mortgages Under Water

2 12 2009

Nearly 41 percent of all Jacksonville mortgages, or 135,730, were under water as of September, according to First American CoreLogic.

Jacksonville’s rate of homeowners with negative equity, or those who owe more on their mortgage than their house is worth, is much higher than the 23 percent national average, but below the 45 percent of homeowners under water in Florida.

The sunshine state had the third highest percentage of homes under water. Nevada ranked first with 65 percent and Arizona second with 48 percent.

Of the 4.5 million mortgages in Florida, nearly half were under water, and another 180,178 were nearly under water in the third quarter.

Nationwide, nearly 10.7 million or 23 percent of all residential properties with mortgages were in negative equity as of September. Another 23 million were approaching negative equity.

Combined, Florida and California accounted for 4.4 million or 42 percent of all negative equity loans, the report found.

CoreLogic said its data is based on a “proprietary model” that factors in loan amortization and utilization rates for home equity lines of credit, which it claims provides a more precise view of underwater borrowers.

Soure: Jacksonville Business Journal

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