The ATTOM Data Solutions Q3 2016 Home Equity and Underwater Report released two weeks ago shows that the number of seriously underwater homeowners (those owing at least 25 percent more on outstanding mortgages than the estimated market value of the home) decreased by more than 854,000 from a year ago.
As of the end of the third quarter, there were nearly 6.1 million homeowners seriously underwater, representing 10.8 percent of all homeowners with a mortgage. That was down from a peak of 12.8 million seriously underwater homeowners representing 28.6 percent of all homeowners with a mortgage in Q2 2012.
The heat map below shows which states have the highest number and concentration of seriously underwater homeowners.
The top five states with the most seriously underwater homeowners were Florida (911,288), California (535,501), Illinois (517,703), Ohio (437,706), and Michigan (269,667).
States with the highest share of seriously underwater homeowners as a percentage of all homeowners with a mortgage were Nevada (21.5 percent), Illinois (19.3 percent), Ohio (18.2 percent), Missouri (16.7 percent), and Michigan (16.6 percent).