Arizona Business Gazette: “Arizona has more homeowners who are underwater with their mortgages than any other state, save one. About 48 percent of homeowners here owe more on their mortgages than the home is worth. That is second only to Nevada where 65 percent of homeowners have what is called “negative equity” in their homes.”
See also “Half of Arizona Homeowners with Mortgages are Underwater. 23% Nationwide.”
Quasi-regular readers know I’m not a fan of Big Brother Government mucking about in the market. The Law of Unintended Consequences is a scary thing. At this point, I don’t think the government could fix this even if they had a clue. Look at the numbers in this WSJ interactive chart — $12.8 trillion dollars of property value and $8.9 trillion in outstanding mortgage debt. That’s a 70% LTV (loan-to-value) ratio nationwide. Arizona’s LTV is 91%. Ninety-one percent.
Related posts:
- U of A Professors: More Arizona Homeowners Should Walk Away From Loans
- Foreclosures Down in U.S. but Up in Arizona
- Property Values in Maricopa County Down 3rd Straight Year
- Making the Decision to Walk Away: Morally Wrong….OR…Financially Sound?
- Phoenix Valley Homeowners Grasping for Ways to Survive Depressed Home Values
- Fewer Home Buyers Get ARMs for Home Loans
- Phoenix Home-loan Modification Delayed for Many
- ASU Law Professor Says ‘Walking Away’ From Mortgage Not Immoral
- Arizona Attorney General Targets Home Loan Schemes
- Maricopa County Homes Values Down Third Straight Year
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