By Mike Sunnucks | Phoenix Business Journal
Eighteen percent of Arizona homes are seriously underwater in value giving the state the ninth worst rate in the U.S., according to new numbers from RealtyTrac. That’s an improvement from the depths of the recession but still worse than 41 U.S. states.
The real estate research firm ‘s third quarter numbers show Nevada has the worst underwater rate with 31 percent home valued far less than outstanding mortgages. Florida is next with 28 percent of homes underwater followed by Illinois (26 percent) and Michigan (25 percent), according to RealtyTrac.
