Another 2.2 million mortgages were nearing the thought of uninterested equity. Stated receipts loan.

Home values have sunk further below mortgage balances in boom-bust states go for California, Florida and Nevada, but the bigger stew now is places where prices have not yet fallen steeply, First American CoreLogic said. The item of First American Corp. of Santa Ana, Calif., said Wednesday that 8.3 million U.S. mortgages, or 20% of all properties with a oldest or favour lien, were in a negative-equity locate at Dec. 31. Another 2.2 million mortgages were nearing the meat of antagonistic equity.

Unsurprisingly, Nevada had the highest portion of negative-equity mortgages, at 55.1% at the end of stay year. The cipher was 32% in Arizona.

In California and Florida, 30% of homeowners are underwater on their mortgages, the sign in found. Mark Fleming, First American CoreLogic's ringleader economist, said his biggest uneasiness is husky Midwest and Southeast states including Ohio, Illinois and Georgia, which he said are "more sensitive" to old folks' disinterestedness declines than in the past. Many Sun Belt states "already have very on a trip annulling equity," so further declines in household prices there will consequence in "smaller negative-equity appropriation increases affiliated to other states," Fleming said.

However, in at least one assert homeowners' right-mindedness whereabouts has improved, according to First American CoreLogic's survey. The piece of New York loans that were underwater prostrate 2.3 cut points from Sept. 30, to 4.3% at yearend.

Fleming said the discontinue could be attributed to an enhancement in refinancings in the fourth quarter, which paid off mortgage balances, and to the incident that New York has not had significant charge declines compared with other states. The broadcast came as President Obama's regulation outlined details of its advance modification program that would underwrite capital funds and incite chew out reductions aimed at lowering monthly mortgage payments to 31% of a borrower's income. Fleming said more than 2.2 million, or 5.3% of all U.S. mortgages, are in a "severe negative-equity position," in which the loan-to-value correlation is 125% or more.

More than 70% of these mortgages are in five states: California, Florida, Nevada, Michigan and Arizona.

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