Homeowners who are underwater fell to 15% in the third quarter of 2014- according to RealtyTrac.
8.1 million properties are seriously underwater – at least 25 percent higher than the properties market value. The combined market value of negative equity in these properties is an estimated $1.4 trillion.
States with the highest percentage of residential properties seriously underwater in the third quarter of 2014 were Nevada (31 percent), Florida (28 percent), Illinois (26 percent), Michigan (25 percent), and Rhode Island (22 percent).
Lower priced homes, those valued under $200,000, were the most likely to be underwater while those valued over a half-million dollars had the lowest percentage of serious negative equity and were the most likely to be “equity rich.”
RealtyTrac also says that homes located in Congressional districts represented by a Democrat are most likely to have a higher percentage of both underwater and equity rich homes than those represented by a Republican which tend to be in the middle of the pack.
