CoreLogic: Negative equity loans denting sales

Most underwater borrowers stuck in high-rate loans

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Nearly three quarters of the 10.9 million homeowners who owe more than their homes are worth are paying higher, above-market interest rates on their mortgages, according to the latest numbers from real estate information and analytics provider CoreLogic.

Nevada had the highest share of negative equity mortgages at the end of the second quarter, with 60 percent of borrowers underwater, followed by Arizona (49 percent), Florida (45 percent), Michigan (36 percent) and California (30 percent).

The average negative equity share for the top five states has declined over the past year, from 41 percent to 38 percent,