More Great News From the Obama Depression: Nearly a Quarter of All Residential Mortgages Are Underwater

Despite HAMP, HEMP, HARP and every other exercise in central planning, the housing market is horrific.

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released Q2 negative equity data showing that 10.9 million, or 22.5 percent, of all residential properties with a mortgage were in negative equity at the end of the second quarter of 2011...

• Nevada had the highest negative equity percentage with 60 percent of all of its mortgaged properties underwater, followed by Arizona (49 percent), Florida (45 percent), Michigan (36 percent) and California (30 percent)...

• Negative equity significantly limits the ability of borrowers to capture the benefit of the low-rate environment... More than 40 percent of borrowers with 125 percent or higher loan-to-value (LTV) ratios have mortgages with rates at 6 percent or above, compared to only 17 percent for borrowers with positive equity.

I blame racist Tea Party extremists.


Related: Compulsive Intervention Disorder