Residents in Pa., N.J., and Del. are way behind on their mortgages
The percentages of “seriously underwater” mortgages in Pennsylvania, New Jersey, and Delaware all exceeded the national average in the second quarter of 2016, according to new data.
All three states also saw their percentages of seriously underwater mortgages increase since the beginning of the year, while the national average dropped slightly.
“The overarching trend nationally, when we look at home equity, is good,” said Daren Blomquist, senior vice president of ATTOM Data Solutions, previously called RealtyTrac, which calculated the numbers. “Now, there are places where there is an exception to that rule, and that includes Delaware, New Jersey, and Pennsylvania.”
Being underwater on your mortgage means that you owe more on the loan than the value of your home. Being seriously underwater means you owe at least 25 percent more than your house is worth.
Blomquist speculates that the uptick in seriously underwater mortgage rates in Pennsylvania, New Jersey, and Delaware can be attributed to a lagging foreclosure process that recently picked up.
As more foreclosed homes are sold below market-rate, he said, the values of their neighboring properties will also drop, but mortgage payments will remain the same.
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