Nearly one in four homeowners in Hampton Roads are underwater on the mortgages.
New research from Corelogic (via WAVY10), a California-based research company, shows that 24 percent of borrowers in Hampton Roads owe more money on their homes than they’re currently worth.
Another 6.8 percent are on the edge of being underwater.
It may sound bad, but some places are doing worse.
In Nevada, 65 percent of people owe more than their homes are worth, followed by Arizona, Florida, Michigan, and California.
Nationally, 23.1 percent of all homes with a mortgage were underwater at the end of the fourth quarter of 2010. This was up from 10.8 million or 22.5 percent in the third quarter.
According to CoreLogic, the small increase reflects the price declines that occurred during the fourth quarter and led to lower values.
Negative equity can occur because of a decline in value, an increase in mortgage debt, or a combination of both.