LA/OC is now on the top 50 list of negative equity

[graphrix_IHB]

First American/Core Logic came out with their negative equity report this week. Yes, you have to sign up if you want to see the data. Like the Case/Shiller index, they lump LA and OC together as a "metro area". I will see if Core Logic has the data broken down for just the OC "metro area", and if they do I will see if I can get it. But... no guarantees on either one. So... here are the stats for the LA/OC metro area...

# Properties With a Mortgage Outstanding

# Mortgages:

2,142,196

# Negative Equity Mortgages:

749,817

Negative Equity Share

35.0%

# Near Negative Equity Mortgages:

829,618

Near Negative Equity Share:

38.7%

# Total of Negative Plus Near Negative:

1,579,435

Total Negative Plus Near Negative Share:

73.7%



$ Amounts

$ Total Property Value:

$1,077,244,054,678.00

$ Mortgage Debt Outstanding:

$816,765,137,623.00

$ Net Homeowner Equity:

$260,478,916,826.00

Loan-to-Value Ratio:

76%

Aggregate Property Value in Negative Equity:

$311,943,968,512 .00

If I add in near negative equity with the negative equity, the aggregate total looks more like:

$648,728,868,532 00

So... does this mean this is the bottom? At least the LTV at 76% wasn't as bad as Las Vegas at 122%, or Riversas/San Berdoodoo at 107%.

 

[no_vaseline_IHB]

So... does this mean this is the bottom? At least the LTV at 76% wasn't as bad as Las Vegas at 122%, or Riversas/San Berdoodoo at 107%.

Or does this mean we've got another 25-50% to go to catch up?

 

[caycifish_IHB]

So, last year we weren't on the list at all.

I asked Graph what position we were in this time. He said "I think it was 15 out of 50".

That is quite a projection/trend line.

 

[Oxtail_IHB]

"Sub-prime" was the catch phrase of Winter 2008. Is "underwater" going to be the new catch phrase for Winter 2009?