As reported by CNN, “Nearly 25% of all mortgage borrowers were underwater, meaning they [owe] more on their loans than their homes are worth.”
Wondering what the worst market for underwater mortgages turned out to be? Nevada, with 70% of all mortgaged properties reportedly underwater, followed closely by Arizona—that state has 51% of all mortgages underwater.
It’s no wonder that both Nevada and Arizona rank near the bottom of our most recent installment of the Happiness Index.
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