SANTA ANA, Calif. (CoreLogic) – Texas had 335,446 negative equity home loans
(10.1 percent of all mortgages) and 177,410 near-negative equity loans (5.4
percent) at the end of first quarter 2011, according to
CoreLogic data compiled by Real Estate Center Research Economist Dr. Jim
Texas ranked 33rd out of 44 states for which the data were reported,
which Gaines said is good news.
Negative equity, often referred to as “underwater” or “upside down,” means
that borrowers owe more on their mortgages than their homes are worth.
Nationally, 10.9 million (22.7 percent) of residential properties with
a mortgage were in negative equity, according to CoreLogic data. That’s down
slightly from 11.1 million, or 23.1 percent, in fourth quarter 2010.
An additional 2.4 million borrowers had less than 5 percent equity, referred
to as near-negative equity, in the first quarter.
Together, negative equity and near-negative equity mortgages accounted for
27.7 percent of all residential properties with a mortgage nationwide. In
fourth quarter 2010, these two categories stood at 27.9 percent.