[mEDITate-OR:
not see how bad it really is in the sand states, & Michigan...
Worse, is that FMae + FMac + FHA are in much worse shape.
As important is the fact that more than 50% of all sand state RE loans = ARMs & Reg
were made as part of the Wall Street "securitization packages".
THOSE loans are NOT covered by the FMae&FMac&FHA chart.
The Sand states - Nev, Cal, Fla & AZ also now =
Neg Equity + bad ARM loans + high unemployment
"They" are telling U.S. it is as bad as it will get...
If you believe that one..., we have some waterfront desert property to show you...
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NOTE: these charts are available @ the CR blog in larger versions
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Report: 11.2 Million U.S. Properties with Negative Equity in Q1
24 percent, of all residential properties with mortgages, were in negative equity
Nevada, which had the highest percentage negative equity with 70 percent of all of its mortgaged properties underwater
followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (34 percent).
Phoenix had more than 550,000 underwater borrowers, the most households of any metropolitan market in the country.
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