From sddt.com:
In San Diego-Carlsbad-San Marcos, 28.2 percent, or 165,582 properties, of all residential properties with a mortgage were in negative equity for first quarter of 2012, according to CoreLogic.
This is down slightly from the fourth quarter of 2011 when 29.8 percent, or 175,746 properties, with a mortgage were in negative equity. An additional 4.9 percent, or 28,889 residential properties, were in near negative equity for first quarter of 2012 compared to 4.8 percent, or 28,520, in fourth quarter of 2011. From CoreLogic:
Thinking you can reignite the economy without addressing this issue is just wishful thinking,
The tiny area above San Diego marked in the gray color is Orange County, isn’t it?
The gray color indicating they are not so bad off….why would this country be less inclined to be upside-down in their mortgages than the rest of southern California?
Yes, I wondered that too.
Maybe they are 19.9%?
bigger down payments…
Are there any figures for how many new homes were built in OC during the housing bubble compared to SD County? It’s a pretty good guess that just about every new home put up during the years 2004-2007 is either underwater or has already gone into default. Maybe OC didn’t swallow as much overdevelopment and cashout refi Kool Aid as SD County, or maybe they just didn’t have as much undeveloped land for new communities of overpriced home to sprout weed-like from the ground?
Thanks for this Map Jim. It certainly puts things in perspective when you compare SD to places like Phoenix and Vegas. I think the doom and gloomers pull stats from ground zero and then extrapolate to the point of absurdity.
Most of that little grey box in Orange County is coastal. If you look at the data from a smaller part of SD county including say for example La Jolla, Solana Beach, etc. I am guessing that the percent negative equity of owners with negative equity would be very low as well.
What’s the actual dollar amount though? So if prices are off 15% of a $800,000 homes here in San Diego vs. 20% of $150,000 homes in Arizona…you get the idea.