A total of 3.2 percent of all mortgaged U.S. residential properties in the second quarter had loan balances that exceeded their estimated market value by at least 25 percent.
The Q2 percentage of such “seriously underwater” properties is up from 2.7 percent during the same period last year, real estate analytics company ATTOM said in a Sept. 11 statement.
The share rose annually in 33 states, and the District of Columbia. Minnesota, Louisiana, Iowa, Mississippi, and Arkansas topped the list of states with the highest share of such properties.
In Minnesota, the percentage of seriously underwater properties was 12.1 percent in Q2, up from 2.6 percent last year. The most affected counties were Isanti, Mille Lacs, Todd, and Meeker. The spike comes as people in Minnesota face challenging housing conditions….