Several states in the U.S. are facing a multi-year backlog of distressed homes, ready to keep prices weak for months to come, according to the latest real estate market report from CoreLogic.
Their research shows that while home prices may be rising in some places, or at least stabilizing, there's plenty of supply out there ready to keep prices depressed for years to come.
Further, the negative equity levels, or how underwater people are on their mortgages, is staggering in many states making it even harder for home owners to move on from their investments.
#10 Marland
Supply of distressed homes: 25.5 months
House price index (year-over-year): Down 5.2%
Negative equity share: 23.7
#9 Minnesota
Supply of distressed homes: 27.2 months
House price index (year-over-year): Down 6.1%
Negative equity share: 16.0%
#8 Indiana
Supply of distressed homes: 29 months
House price index (year-over-year): Down 2.1%
Negative equity share: 24.8%
#7 New York
Supply of distressed homes: 30.3 months
House price index (year-over-year): Up 1.9%
Negative equity share: 7.2%
#6 Georgia
Supply of distressed homes: 31.2 months
House price index (year-over-year): Down 6.3%
Negative equity share: 29.8%
#5 Washington D.C.
Supply of distressed homes: 32.4 months
House price index (year-over-year): Down 3.5%
Negative equity share: 14.7%
#4 Maine
Supply of distressed homes: 35.7 months
House price index (year-over-year): Down 3.3%
Negative equity share: 8.6%
#3 Illinois
Supply of distressed homes: 36.2%
House price index (year-over-year): Down 6.5%
Negative equity share: 21.3%
#2 New Jersey
Supply of distressed home: 46.1 months
House price index (year-over-year): Down 1.8%
Negative equity share: 16.1%
#1 Mississippi
Supply of distressed home: 70.6 months
House price index (year-over-year): Down 3.9%
Negative equity share: 24.9%
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