Mass. ranks 9th in mortgage health
Boston Business Journal
One in 10 Massachusetts borrowers owes more on his or property than the home is worth, a new analysis indicates.
A total of 14 percent of borrowers are either in that position, commonly known as being “underwater,” or holding mortgages that are within 5 percent of the values of their homes, according to the report from First American CoreLogic. The company analyzed data through Sept. 30. Homes that are fully paid for were not included in the analysis.
The data suggests Massachusetts borrowers are in far healthier positions on average than their counterparts in other states.
In Nevada, nearly 48 percent of borrowers owe more than their homes are worth.
In Michigan, 39 percent are underwater. In Arizona and Florida, 29 percent are underwater.
The researchers at First American CoreLogic found that 58 percent of all negative equity mortgages are in six states: Nevada, Michigan, Florida, Arizona, California and Georgia.
Borrowers in Alabama, Connecticut, Hawaii, Montana, New York, Oklahoma, Oregon, Pennsylvania and the state of Washington were in stronger positions than Massachusetts when it came to being in actual negative — or underwater — positions and also when it comes close to being underwater.
Nationwide, 23 percent of all mortgages are underwater or almost underwater.
Statewide, Massachusetts mortgages equal about 57 percent of the value of the state’s homes that are mortgaged. Only one state had a lower figure — New York. Rhode Island tied Massachusetts.
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