Report Shows Many State Mortgages Upside Down - KAIT Jonesboro, AR - Region 8 News, weather, sports

Report Shows Many State Mortgages Upside Down

LITTLE ROCK, Ark. (AP) - A new report by a California-based real estate research firm shows that 25 percent of Arkansans making mortgage payments in the second quarter owed more than their homes were worth.

 First American CoreLogic of Santa Ana, Calif., reports that almost 57,000 of the 225,000 mortgages in the state fall into "negative equity."

 The company reports that another 21,000 Arkansas residential mortgages are within 5 percent of being in that condition. Nationally, CoreLogic reports almost one-third of mortgages were categorized as being in negative equity.

CoreLogic determines the property's value based on its estimate of the value of every residential property in the country. --- Information from: Arkansas Democrat-Gazette, http://www.arkansasonline.com

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Powered by Frankly