More than half of Nevada's mortgage holders now owe more on their mortgages than their homes are worth. Arizona holds second place with 32 percent of homeowners have negative equity, and Florida and California follow with 30 percent each, according to First American CoreLogic, an affiliate of property services firm First American Corp.
The total value of U.S. residential properties fell to $19.1 trillion in December 2008 from $21.5 trillion a year earlier. California's losses came to more $1.2 trillion -- roughly half the nationwide decline, the firm said.
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