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CoreLogic: 20 percent of Colo. residential mortgages are under water

Mon, Mar 14, 2011

News

Nearly 20 percent of all Colo. residential mortgages had negative equity in the fourth quarter of 2010, according to a report from Corelogic.

Of the 1.1 million residential mortgages in the state, CoreLogic siad over 224,000 are underwater and another 90,000 are considered “near” negative equity (less than 5 percent equity).

The bulk of negative equity mortgages in the state were in the Denver-Aurora-Broomfield region, which has nearly 140,000 underwater loans.

The report also said Colorado could be impacted by further price declines, which could pull the high number of near negative equity loans underwater.

Read the full report here.

1 Comments For This Post

  1. Kent Says:

    Technically speaking (about non-technical terms), the property, or rather the value of the property, is “underwater”. The mortgage is “the water” and it is value of the property sinking below the amount of the loans secured by the property that creates the phenom of being “underwater”.