Analysis: 10 percent of South Carolina property owners' mortgages are 'underwater'


In South Carolina, owners of 76,435 properties with mortgages owe at least 25 percent more on their loans than their property is worth, according to an analysis by ATTOM Data Solutions looking at home equity at the end of the first quarter.

The state ranks 27th in the U.S., with 10 percent of all properties with a mortgage considered “seriously underwater.” The analysis is based on a home’s estimated market value.

Altogether, U.S. states, including the District of Columbia, had 5.2 million properties considered seriously underwater at the end of March. That includes 9.5 percent of all properties with a mortgage, which is two-tenths of a percentage point lower than at the end of the first quarter last year.

South Dakota was excluded from the rankings because ATTOM Data Solutions lacks sufficient information on mortgage and estimated value data in that state.

States with highest rates of underwater mortgages

State Q1 2018 Total Seriously Underwater (LTV 125+) Q1 2018 % of Seriously Underwater
1Louisiana  87,014 20.1%
2Mississippi  21,037 18.0%
3Iowa  91,331 17.2%
4West Virginia  14,800 15.9%
5Illinois  387,854 15.9%
6Alabama  79,581 15.8%
7Kansas  47,531 14.9%
8Arkansas  54,793 14.8%
9Ohio  324,376 14.4%
10Georgia  234,064 14.1%
11Wisconsin  127,406 14.1%
12Indiana  136,151 14.1%
13Michigan  236,184 14.0%
14Missouri  134,077 13.9%
15Kentucky  65,559 13.5%
16Delaware  24,855 12.9%
17Pennsylvania  285,236 12.8%
18Oklahoma  73,916 12.6%
19Connecticut  93,380 11.6%
20Maryland  163,237 11.3%
21New Jersey  175,541 10.5%
22Tennessee  134,320 10.3%
23North Dakota  8,581 10.3%
24Nebraska  30,767 10.1%
25Nevada  63,124 10.0%
26New Mexico  29,082 10.0%
27South Carolina  76,435 10.0%
28Virginia  149,554 9.9%
29North Carolina  163,069 9.8%
30Florida  408,567 9.7%
31Maine  16,182 9.2%
32Idaho  25,337 9.0%
33Montana  9,891 8.3%
34Minnesota  70,807 8.2%
35Vermont  1,385 8.1%
36Rhode Island  17,806 7.9%
37Arizona  116,314 7.8%
38Wyoming  4,434 7.5%
39New Hampshire  17,526 7.4%
40New York  139,114 6.8%
41Texas  248,161 6.1%
42District of Columbia  6,242 6.0%
43Alaska  6,206 5.9%
44Massachusetts  88,466 5.9%
45Utah  29,719 5.3%
46Hawaii  11,547 4.7%
47Oregon  34,573 4.3%
48Washington  66,486 4.1%
49California  294,521 4.1%
50Colorado  51,726 4.0%

United States  5,206,446 9.5%
Source: ATTOM Data Solutions

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