Study: Texas negative equity at 18 percent

From Austin Business Journal, March 4, 2009...

In the fourth quarter of 2008, Texas had more than 497,000 mortgages considered “underwater,” or where more was owed to lenders than the properties were worth, according to a report released Wednesday by First American CoreLogic.

The study showed Texas had about 2.8 million mortgages as of December 2008, of which negative equity accounted for about 18 percent.

First American said another 677,000 mortgages statewide, or 24.4 percent, were nearing the negative equity mark.

Read more...