Florida trailed only Nevada in the list of states with the highest percentage of underwater mortgages. Florida has 38.1% while Nevada has 45.4%.
Palm Coast, FL – June 12, 2013 – Corelogic, a California-based residential property information and analytics provider, today released its first quarter 2013 national home equity report. 850,000 residential properties returned to positive equity during the quarter.
Nevada leads the list of states with the highest percentage of underwater properties at 45.4%. Florida, at 38.1% finished second. Michigan (32.0%), Arizona (31.3%) and Georgia (30.5%) top out the top-five list. The five states with the highest rate of equity are Montana (94.4%), North Dakota (94.1%), Alaska (93.9%), Texas (92.8%) and Wyoming (92.6%).
The top two metropolitan areas with the highest percentage of negative equity properties are in Florida; Tampa-St. Pete-Clearwater (42.2%) and Miami-Miami Beach-Kendall (40.7%).
Of a reported $580 billion in negative equity, first liens without home equity loans accounted for one-half. The remaining half have home equity loans. $6.0 million underwater borrowers hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $211,000. The average underwater amount is $48,000.
For the 3.7 million underwater borrowers with both first and second liens, the average mortgage balance is $294,000. The average underwater amount is $79,000.
88% of homes valued at greater than $200,000 have equity. Only 73% of homes valued at less than $200,000 have equity.
Three metro areas from which many Palm Coast buyers originate are in the top five metropolitan areas with the highest equity share; Nassau-Suffolk, N.Y. (90.8%), Philadelphia (90.4%) and New York-White Plains-Wayne N.Y, N.J. (89.0%). This should bode well for the Palm Coast market as more prospective buyers from the northeast will be able to sell their properties and transition to our area.