Ever since the 2008 market crash, homeowners have suffered through sharp downturns in both property value and purchasing rates. CoreLogic’s 2011 Q4 home equity report paints an especially grim picture of the U.S. housing market.
The United States is now experiencing astronomical rates of negative equity, with a record number of mortgages underwater. As of May 2011, 28% of U.S. homes were worth less than their mortgage.
To get the lay of this land of foreclosures and debt, let’s look at the five worst states for U.S. homeowners based on the percent of mortgages currently underwater.