The 15 Cities With The Most Underwater Mortgages

fountain in Las Vegas

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The share of U.S. mortgages that are underwater rose from 22.5% to 23.1% last quarter, according to CoreLogic.That number has remained dangerously high for over a year.

Homeowners and investors fear that negative equity will lead to delinquency, foreclosure and further declines in home prices. Negative equity may increase next quarter, as organisations like Case Shiller say home prices will keep falling.

Las Vegas is the worst market again, with 69% of mortgages underwater.

Cleveland, Ohio -- 26.6% of mortgages underwater

128,585 mortgages in Cleveland have negative equity. That's up from 120,313 mortgages in the previous quarter.

Data provided by Corelogic.

Washington -- 29.4% of mortgages underwater

290,650 mortgages in the Greater Washington D.C. Area have negative equity. That's up from 284,698 mortgages in the previous quarter.

Data provided by Corelogic.

Oakland, Calif. -- 31.2% of mortgages underwater

While the share of negative equity remained the same from quarter to quarter, the share of near-negative homes ticked up from 4% to 4.2%.

Data provided by Corelogic.

Atlanta -- 34.4% of mortgages underwater

Atlanta is one of only five American cities with over 1 million outstanding mortgages on the books, with roughly 1.22 million.

More than one third of those mortgages have negative equity, the highest percentage by far among those five large cities.

Data provided by Corelogic.

Warren, Mich. -- 42.5% of mortgages underwater

The struggles of the auto industry have hit Michigan hard, but nowhere so badly as the areas in and around Detroit.

Among the roughly 521,136 outstanding mortgages in the 'Northern Suburbs,' the rate of those either under water (42.5%) or nearly there (5.4%) is close to 50% overall.

Data provided by Corelogic.

Sacramento, Calif. -- 42.8% of mortgages underwater

209,698 mortgages around Sacramento have negative equity. That's up from 206,970 in Q3.

Data provided by Corelogic.

West Palm Beach, Fla. -- 44.3% of mortgages underwater

In what is still considered a high-wealth town, more than half of the outstanding mortgages have or are within 5% of negative equity.

The amount of individual debt is even more staggering in a town where roughly 333,000 mortgages account for over $80 billion of property value.

Data provided by Corelogic.

Jacksonville, Fla. -- 47% of mortgages underwater

Of all the cities on this list, it is Jacksonville that has seen the biggest percentage rise in mortgages with negative equity since the previous quarter.

That number has leaped from 145,316 to 155,487 in just three months.

Data provided by Corelogic.

Miami -- 48.2% of mortgages underwater

Residents of South Beach are no strangers to getting wet, but with the negative equity holding steady at just below 50% of all mortgages, they'd better get used to being underwater.

Data provided by Corelogic.

Riverside, Calif. -- 48.9% of mortgages underwater

Riverside's net homeowner equity is an incredibly low $2.0 billion, down from $3.2 billion in the previous quarter.

Data provided by Corelogic.

Tampa, Fla. -- 49.1% of mortgages underwater

In Q3 the Tampa metro area had 310,543 mortgages carrying negative equity, accounting for just over 45% of all mortgages.

This quarter, the number spiked to 328,449 mortgages with negative equity, accounting for just under half of the total.

Data provided by Corelogic.

Fort Lauderdale, Fla. -- 51% of mortgages underwater

Ft. Lauderdale is one of only three cities nationwide with a negative equity mortgage rate of over 50%.

The city's net homeowner equity is also quite troubling with the total amount of approximately $2 billion accounting for less than one half of one per cent of the city's total property value.

Data provided by Corelogic.

Orlando, Fla. -- 55.9% of mortgages underwater

The mortgage crisis is clearly alive and flourishing in Florida with Orlando making it a total of six cities from 'The Sunshine State' in the top 15 overall.

Orlando is one of two cities on our list with negative net homeowner equity, which totals -$2.9 billion.

Data provided by Corelogic.

Phoenix -- 56.5% of mortgages underwater

More than 60% of the desert city's mortgages are either underwater or almost there.

And that number is rising with 16,419 mortgages going into negative equity this quarter despite a total decrease of 8,410 outstanding mortgages citywide.

Data provided by Corelogic.

Las Vegas -- 69.1% of mortgages underwater

There is not a lot of luck left in Vegas' housing market, which is once again the worst in America.

With almost 70% of the city's mortgages underwater and a net homeowner equity of -$19 billion, Las Vegas now has a loan-to-value ratio of 127%.

But while the data is staggeringly bad, 'America's Playground' does have something to be optimistic about: every single one of its mortgage health indicators has gone up slightly since the previous quarter.

Data provided by Corelogic.

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