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Report Shows Continued Housing Weakness; California Housing Still Hurting



$1 trillion of California property ‘under water’

A report published this afternoon shows that nearly $1 trillion of property in California is in a negative equity meaning it is worth less than its original loan value, or ‘under-water.’


The report published by First American Core Logic of Santa Ana, Calif., continues to paint a bleak picture of real estate values in California and mationally.

According to the report, 42 percent of California mortgages are under-water. The report says that 2.9 million California mortgages have negative equity and another 3.2 are approaching negative equity.


Nationally, the report says that there are 15.2 million negative equity loans with a value of $3.4 trillion. The 15.2 million represents 32.2 of all mortgaged properties nationally.



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