in 4 Ohio homeowners ‘underwater’ on mortgages
Rouan, Web coordinator
March 2, 2012
quarter of homeowners in Ohio were underwater on their mortgages at the
last year, according to new data from a California research firm.
of homeowners in the state who had negative equity in their homes grew
percent in the fourth quarter of 2011, up from 21.6 percent a year
said a report released Friday by CoreLogic Inc.
Ohio’s rate was higher than the national
average of 22.8 percent who were upside down on their mortgages.
used public data on properties valued between $30,000 and $30 million
compile its analysis. Negative equity is created when its mortgage
more than the property is worth.
CoreLogic examined more than 2.2 million mortgages and found nearly
negative equity. More than 134,000 of those 2.2 million mortgages were
negative equity,” defined by the company as “in negative equity or
percent of being in a negative equity position.”
that meant about 30 percent of Ohio mortgage holders – more than
660,000 – were
at or near negative equity in their homes late last year.
Chief Economist Mark Fleming blamed the nation’s high negative equity,
has returned to third-quarter 2009 levels, on declining home prices and
economic recovery will reduce the propensity of the inability-to-pay
negative equity will take an extended period of time to improve, and if
is a hiccup in the economic recovery, it could mean a rise in
Fleming said in a release.
The rest of
the region was a mixed bag. Michigan’s 34.7 percent of homeowners with
equity was among the highest in the nation, but Indiana (10.7 percent),
Kentucky (9 percent) and Pennsylvania (8.4 percent) were performing
Ohio. CoreLogic did not have data for seven states, including West
and other articles at Dayton Business Journal