Oregon Has 17th Worst State Rank for Borrowers Underwater+Near Underwater Borrower Percentage, with 148,000+ Underwater/Near Underwater Homeowners.

Last weeks WSJ had a story related to the new FHA underwater refinancing program HERE. Included in that story was a link to a table HERE, showing state "underwater" borrowers as of June 30, 2010.

I have reconstructed that data and added ranks and pasted it below showing Oregon's "underwater" borrowers compared to the national average and to Idaho and Washington.

Some observations:

1. Oregon had 109,135 "underwater" borrowers AND another 38,046 "near underwater" borrowers.
2. Those 148,081 "underwater+near underwater" borrowers , represented 21.3% of all loans in the state.
3. Oregon 21.3% "underwater+near underwater" percentage of loans was still significantly better (24%) than the US average of 27.9%.
4. Oregon's 21.3% was also better than Idaho's 28.9%, but worse than Washington's 20.6%
5. Oregon had the 17th worst "underwater+near underwater" percentage among 44 states where data was available.
6. Idaho had the 7th worst underwater+near underwater percentage in the country and Washington the 20th.
7. Oregon homeowners retained $56+ billion in equity in their homes and nationally homeowners retained $3.8 TRILLION.

State	National	Idaho	Oregon	Washington
Mortgages	47,802,783	242,694	695,439	1,407,297
Negative Equity Mortgages	10,971,224	57,615	109,135	214,468
Near** Negative Equity Mortgages	2,356,100	12,538	38,946	76,383
Negative Equity Share PLUS Near Negative Equity Mortgages	13,327,324	70,153	148,081	290,851
Negative Equity Share	23.00%	23.70%	15.70%	15.20%
Near** Negative Equity Share	4.90%	5.20%	5.60%	5.40%
Negative Equity Share PLUS Near Negative Equity Share	27.90%	28.90%	21.30%	20.60%
Total Property Value	$12,707,027,160,944	$48,968,685,624	$180,105,676,362	$441,737,928,305
Mortgage Debt Outstanding	$8,875,764,627,185	$35,649,637,071	$123,683,325,688	$293,421,788,044
Net Homeowner Equity	$3,831,262,533,759	$13,319,048,553	$56,422,350,674	$148,316,140,261
Loan-to-Value Ratio	70%	73%	69%	66%
Rank Neg Equity Share %, Worst to Best		7	17	21
Rank Neg Equity Share %+ Near Neg Equity Share, Worst to Best		7	17	20

Originally created and posted on the Oregon Housing Blog.