The Wall Street Journal reports that nearly one in four American home mortgage holders owe more than their property are worth in today’s market.
Nationally, 22.6 percent of mortgage holders are “underwater,” but that figure is a staggering 65.0 percent in Nevada, 47.9 percent in Arizona, 44.7 percent in Florida, 37.3 percent in Michigan, and 34.7 percent in California. (See state-by-state data here.)
In Massachusetts, the underwater percentage is a relatively low 15.6 percent. But it’s still significantly higher than in New York (6.2 percent) or Pennsylvania (7.5 percent).