New York state has the lowest percentage of mortgages with negative equity, according to report on single-family homes from First American CoreLogic, a leading firm that analyzes real estate data.
The company, which covers about 80 percent of the nation's mortgages, said 4.4 percent of the 1.6 million mortgages it monitors in New York were negative equity cases - that's just under 104,000 loans. That means homeowners owe more than the house is worth because they paid little or no money down or have high interest rates, delinquent payments and properties that depreciated. The Mortgage Bankers Association of America estimated there are about 2 million mortgages in New York state.
Nationally, negative equity mortgages represented about 18.3 percent of almost 42 million mortgages on single-family homes, said the California-based company, whose data covers about 80 percent of the nation’s home loans. Nevada led with 48 percent of its mortgages with jeopardized equity.
New York’s mortgages cover more than $699 billion in properties, with $333.6 billion still owed and $365.5 billion in equity.