The numbers from CoreLogic regarding underwater mortgages have not changed dramatically from the last couple of quarters.
Calculated Risk discusses the latest numbers here. It’s worth noting that data is unavailable for a number of states (Louisiana, Maine, Mississippi, South Dakota, Vermont, West Virginia and Wyoming).
It’s also worth noting that this data applies only to homeowners who actually have mortgages. Almost a third of U.S. homes do not have mortgages.
Georgia’s numbers are obviously grim here. As long as fewer risky loans are being made, and as long as home prices are more or less stable, these numbers will improve.
But there are still many headwinds facing the housing market. As Calculated Risk notes in a separate post today, Bank of America — which is cutting some 30,000 positions — “ramping up” foreclosures.
