The latest negative equity (under water) numbers from real estate firm CoreLogic show that Georgia has the dubious distinction of being among the top 5 states in owners having negative equity with 30% of mortgaged homes having negative equity.
Nevada tops the list with 58% of the homes worth less than their mortgages.
Forty-five percent of all borrowers have 20% or less equity in their homes. Those homeowners are very vulnerable to negative economic shocks, such as job loss or illness.
These mortgages total around $700 billion creating a massive problems for not only the borrowers but the owners of the mortgages, banks, and the Federal government, which insures most mortgages.
Coosa Valley News