Study: Texas negative equity at 18 percent - Houston Business Journal:

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The study showed Texa had about 2.8 million mortgages as of December 2008, of whichy negative equity accounted for abou t18 percent. First American said another 677,000 mortgages statewide, or 24.4 percent, were nearing the negative equityu mark. More than 8.3 millio n properties, or 20 percent of all mortgagecd properties inthe country, were in a negative equity situation at the end of up from 7.6 million, or 18 percent, at the end of according to the study. The study also showexd that another 2.2 million properties couldx suffer the same fate as theit mortgages are within 5 percent of being The total value of residential properties nationwidwas $19.1 trillion, down from $21.
5 trillion at the end of 2007. Californiaw lost more than $1.2 trillio n in housing value lastyear — about half of the the company said. During fourth quarted 2008, California led the natioh with 43,000 new negative equityt borrowers followed by Texaswith 16,000, Nevadaw with 15,000 and Florida and Virginia each with 14,000. California-based Firstf American CoreLogic is an affiliats of title insurance and real estate servicescompanuy .