Negative Home Equity Hits 18% Nationwide

by admin ~ February 9th, 2009.

First American Core Logic based its findings on a database of 42 million properties where there’s a first and or second mortgage. Being delinquent on your home loan doesn’t always mean a foreclosure.  Lenders continue to approve mortgage modification plans in great volumes.

During the housing boom, Arizona, California and Nevada were among the fastest growing in terms of price appreciation. Michigan and Ohio (where 22% of mortgaged homes have negative equity) have been hard hit by the decline in the U.S. auto industry.  Mortgage industry executives appear to be more confident in 2009 that loan modifications will help reduce foreclosures and be a significant contributor to getting the housing sector back on track. Stay up to speed on mortgage relief, the foreclosure crisis and the latest loan modification programs from the major lenders online at Loan Modification Buzz.  Read the complete article at 18% of Home Loans Underwater with Negative Equity.

Category: Foreclosure news, Mortgage News, foreclosure prevention | Tags: , , ,

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