The psychics predicted it. They predicted that a large portion of the United States would end up “underwater”.
But I think we all expected something different than this.
Up to 32.2% of all US mortgages are underwater. Meaning that they owe more than their home is worth and they cannot sell the home for enough money to cover the mortgage.
More than 15.2 million mortgages are currently “Underwater”.
Over half of all the underwater mortgages are in just three states, Nevada, Arizona and Florida, with the next worst being California and Michigan.
I don’t live in any of those states yet in my neighborhood, the majority of homes for sale are either already foreclosed or trying to get a short sale, in other words, underwater.
View Underwater map here.
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