November 29th, 2009 by admin
First American Core Logic reported this week, that a staggering 23% of homeowner’s nationally are in a negative equity position on their mortgage. Colorado fares better than the national average at 19% There are currently 1,126,882 mortgages in the state with 214,436 in trouble. Another 87,272 are in danger of negative equity. Faring better than states such as Nevada (74%), Arizona (47.9%), Florida (44.7%) and California (34.7%), Colorado is running in the middle of the pack. CSBJ reports that Colorado’s foreclosure rates are dropping.
While Colorado ranks 11th nationally, the number is misleading because the state calculates its numbers a little differently than most and the numbers nationally are skewed due to the regionality of foreclosure activity. In fact, only 4 states have 52% of all foreclosures according to a Realty Trac study. Probably the most surprising number that came out is about 25% of all foreclosures nationally were “walk-aways”; people who just chose to stop paying and walk away due to the negative equity situation even if they can continue paying their mortgage.
