Wednesday, November 30, 2011
Fewer S.J. homeowners underwater on mortgages | Recordnet.com
Fewer San Joaquin County homeowners were upside down on their mortgages at the end of the third quarter than three months earlier.
That's according to Santa Ana-based CoreLogic, a provider of consumer, financial and property information.
In San Joaquin County, 51.1 percent, or 65,230, of all residential properties with a mortgage had negative equity, meaning the borrowers owe more than their homes are worth. That's down from 53.3 percent at the end of the second quarter.
An additional 5 percent of the county's residential properties, or 6,384 homes, were in near-negative equity at the end of the third quarter. That too was lower than the 5.1 percent near-negative level three months earlier.
This is a slight improvement locally, but it is still more than twice the negative equity level for the nation. At the end of the third quarter, that number stood at 22.1 percent. The California rate was 29.7 percent.
Nevada has the highest negative equity percentage, with 58 percent of its mortgaged properties underwater, followed by Arizona at 47 percent, Florida at 44 percent, Michigan at 35 percent and Georgia at 30 percent.
"Although slightly down, negative equity remains very high and renders many borrowers vulnerable when negative economic shocks occur, such as job loss or illness," said Mark Fleming, Core-Logic's chief economist.