Arizona Borrowers Still Underwater

CoreLogic® released new data showing that 11.4 million people, or 23.7% of all residential borrowers, were underwater at the end of the first quarter of 2012. In Arizona 561,097 people, or 43.4% of residential borrowers, were underwater. Arizona's negative equity peaked in the fourth quarter of 2009 when 53.7% of borrowers were underwater. Although Arizona's negative equity is dropping, it's rate is still almost twice that of the national average.