About 17 percent of Twin Cities home mortgages are under water
Nearly 17 percent of residential mortgages in the Twin Cities were in negative equity for the fourth quarter, according to a report released Tuesday.
The report said 16.8 percent, or 80,705 of all houses in the metro region (including Minneapolis, St. Paul and Bloomington) were in negative equity.
An additional 5.3 percent, or 25,504 houses, were in near-negative equity, according to CoreLogic, a Santa Ana, Calif.-based mortgage data company.
Nationally, 23.1 percent of all residential properties, or 11.1 million houses, were in negative equity, up from 22.5 percent in the third quarter.
The highest rate in the country was in Nevada, which had 65 percent of its houses with negative equity, followed by Arizona (51 percent), Florida (47 percent), Michigan (36 percent) and California (32 percent).
estych@bizjournals.com
Tags: Mortgages