Homes with “deeply underwater” mortgages outnumbered equity-rich homes in New Mexico as of December, according to an analysis by foreclosure-listing firm RealtyTrac Inc.
Homes worth at least 25 percent less than what’s owed on the mortgages numbered 37,372, or 15 percent of all homes statewide with a mortgage. Nationwide, 19 percent of all homes with mortgages were deeply underwater.
Equity-rich homes, with at least 50 percent equity, numbered 34,576, or about 14 percent of all homes with a mortgage statewide, RealtyTrac reported. Nationwide, 18 percent of all homes with mortgages were equity rich.
The general trend in New Mexico and nationwide is a gradual decline in underwater homes and a gradual increase in equity-rich homes.