20% of Utah Homes are Underwater. Utah Ranks 10th Nationally

Top 10 states with highest share of negative equity mortgages

1. Nevada Homes (68 percent of 592,000 mortgages)
2. Arizona Homes (50 percent of 1.3 million mortgages)
3. Florida  Homes (46 percent of 4.5 million mortgages)
4. Michigan Homes (38 percent of 1.4 million mortgages)
5. California Homes (33 percent of 6.9 million mortgages)
6. Georgia Homes (28 percent of 1.6 million mortgages)
7. Idaho Homes (24 percent of 243,000 mortgages)
8. Virginia Homes (23 percent of 1.2 million mortgages)
9. Maryland Homes (22 percent of 1.4 million mortgages)
10. Utah Homes (20 percent of 470,000 mortgages)

This is a pretty sad statistic. 1 in every five mortgages in Utah are underwater. The percentages of underwater homes in Southern Utah and Utah County are probably higher than the overall average, while Logan Real Estate and Davis County Utah Homes likely have a smaller overall percentage of underwater homes. It’s not surprising that these are the areas that have the highest rates of short sales. These are the same areas that saw the biggest booms, and lead the nation in foreclosures. Nevadas percentage of underwater loans is just staggering. 2 out of every 3 homes there have negative equity. Did every home owner take a cash out finance during the boom? It’s really hard to believe that 68% of the Nevada population purchased new homes between 2003-2007.

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