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You are here: Home / RE Current Info / Think we are out of the real estate mess, think again; 1 in 5 still underwater

Think we are out of the real estate mess, think again; 1 in 5 still underwater

September 24, 2012 by Curtis Van Carter Leave a Comment

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Nearly one out of five homeowners underwater


Close to 18% of U.S. homeowners who are current on their mortgage payments are classified as underwater, setting the stage for additional defaults if home prices fall deeper, Lender Processing Services (LPS) said in its July Mortgage Monitor Report.

The mortgage technology firm said mortgage delinquencies are down 30% from the peak established in January 2010.  LPS said there is a direct link between negative equity and new problem home loans, and risks remain if home prices decline.

“As negative equity increases, we see corresponding increases in the number of new problem loans,” LPS said Monday. “In Nevada and Florida, two of the states with the highest percentage of underwater borrowers, more than 3% of borrowers who were up to date on their payments are 60 or more days delinquent six months later. This suggests that further home price declines – should they occur – could jeopardize recent improvements.”

The report does show improvements in loan delinquencies with the U.S. loan delinquency rate falling to 7.03% in July, a 1.6% drop from June.  The foreclosure pre-sale inventory rate also edged down 0.2% month-over-month,hitting 4.08% in July.

States with the most non-current loans include Florida, Mississippi, Nevada, New Jersey and Illinois. Meanwhile, those with the lowest percent of non-current loans include Montana, Alaska, Wyoming, North Dakota and South Dakota.

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Filed Under: RE Current Info, RE Values, underwater properties Tagged With: Distressed Sales, RE Current Info

Curtis Van Carter, has been one of Napa Valley Real Estate's most knowledgeable and experienced agents. He has been characterized by his clients for his honesty and knowledge to make a home sale or purchase as smooth as possible. If you are interested in selling or listing a home please call or EMAIL Curtis here.

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Photo of 1986 Yountville Cross Road, Yountville, CA 94599 (MLS # 21807003)

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Photo of 1906 Oak Circle, Yountville, CA 94599 (MLS # 21808364)

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  • Home size: 1,666 sq ft
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Photo of 216 Vista Court, Yountville, CA 94599 (MLS # 21809429)

216 Vista Court , Yountville

  • Home size: 1,224 sq ft
  • Lot size: 1,742 sqft
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previous
  • Photo of 1522 Yountville Cross Road, Yountville, CA 94599 (MLS # 21722381)

    1522 Yountville Cross Road , Yountville

    Home size: 2,105 sq ft Lot size: 43,560 sqft Year built: 1960

    Listing provided by , Gates Estates Sotheby's International Realty

    3 beds 2 baths $1,989,000

  • Photo of 6600 Yount Street #34, Yountville, CA 94599 (MLS # 21802160)

    6600 Yount Street #34 , Yountville

    Home size: 1,050 sq ft Lot size: 871 sqft Year built: 1990

    Listing provided by , Coldwell Banker B of V-Napa

    2 beds 2 baths $725,000

  • Photo of 1986 Yountville Cross Road, Yountville, CA 94599 (MLS # 21807003)

    1986 Yountville Cross Road , Yountville

    Home size: 1,646 sq ft Year built: 1982

    Listing provided by , Portofino Realty Advisors

    2 beds 2 baths $799,500

  • Photo of 1906 Oak Circle, Yountville, CA 94599 (MLS # 21808364)

    1906 Oak Circle , Yountville

    Home size: 1,666 sq ft Lot size: 6,098 sqft Year built: 1982

    Listing provided by , Gates Estates Sotheby's International Realty

    3 beds 2 baths $1,879,000

  • Photo of 216 Vista Court, Yountville, CA 94599 (MLS # 21809429)

    216 Vista Court , Yountville

    Home size: 1,224 sq ft Lot size: 1,742 sqft Year built: 1979

    Listing provided by , Pacific Union International

    3 beds 2 baths $3,849

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