More than 18 percent of Illinois mortgages are underwater

Almost 410,000 Illinois mortgages, or 18.4 percent of home loans, were underwater in September, meaning homeowners owed more on their mortgages than their homes were worth.

On a national level, the mortgages on nearly 10.7 million homes, or 23 percent of properties, were considered underwater in September. An additional 2.3 million mortgages were in a near-negative equity position.

five states that accounted for 42 percent of all negative equity loans. They were Nevada, where 65 percent of loans were underwater; Arizona, 48 percent; Florida, 45 percent; Michigan, 37 percent; and California, 35 percent.

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