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Story Archives: Housing crisis likely to ease
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Housing crisis likely to ease
The crisis in the housing market nationwide appears to have peaked and many are predicting it will ease in the coming months. However, the number of homes 'underwater' defined as homes with mortgages that are greater than their value continued to climb to 11.1 million in the fourth quarter of 2011.
Additionally, homes with near-negative equity defined as borrowers with less than 5 percent equity in their home stood at 2.5 million. Together they represent 27. 8 percent of all residential properties in the United States.
The states with the highest level of underwater homes are Nevada (61 percent), Florida (44 percent), Michigan (35 percent), and Georgia (33 percent). The remaining states have an average of only 15 percent of homes underwater.
.....For the full story, subscribe to the The Ouachita Citizen's NEW E-Edition!
Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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