Monthly Archives: June 2011

In Michigan, 36% Of Properties With Second Mortgages Are Underwater

Posted on June 7, 2011 by John Clark

According to a report released today by real estate data analysis firm CoreLogic, 36% of Michigan homeowners with a second mortgage are underwater.  Michigan fares slightly better than the rest of the country, where 38% of second-mortgage borrowers are underwater.  Nevada, at 63%, has the highest rate of negative equity. Adding to their troubles, underwater homeowners seeking a short sale—selling a property for less than the value of the outstanding mortgages—have a much harder time doing so when they have a second mortgage, because all the …

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