More than 100,000 Baltimore-area homeowners underwater
The number of homeowners here who are underwater dipped ever so slightly in the spring, but it remains a distressingly large group. About 103,000 homes in the Baltimore metro area are worth less than their mortgages, real estate information firm CoreLogic estimates.
That's roughly 16 percent of all homes with mortgages. And 5 percent more -- 32,000 homes -- were right on the cusp of negative equity.
Statewide, the situation is worse, with 22 percent of mortgaged homes underwater and 5 percent more close to it. That's about the same as the national average, but of course the average is pulled up by large, hard-hit states such as California. Only eight states have higher negative-equity shares than Maryland. (We've been in the top 10 for a while.)
CoreLogic estimates that negative equity fell from 24 percent of mortgaged homes nationwide in the first quarter to 23 percent in the second quarter. But that's not because rising values lifted lots of homeowners above water.
"The declines were primarily due to foreclosures," the company says.
For Baltimore-area homeowners, at least, it could be worse. We could be Nevada.
Two-thirds -- two-thirds! -- of mortgaged homes in that state are underwater. And that's an improvement from the first quarter.
Oklahoma has the smallest share of underwater homes: just under 6 percent.