10 States Where Distressed Homes Will Be Flooding The Market For Years

Vegas Homes

Photo: seanthornburg via flickr

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 Maryland

Supply of distressed homes: 25.5 months

House price index (year-over-year): Down 5.2%

Negative equity share: 23.7%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#9 Minnesota

Supply of distressed homes: 27.2 months

House price index (year-over-year): Down 6.1%

Negative equity share: 16.0%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#8 Indiana

Supply of distressed homes: 29 months

House price index (year-over-year): Down 2.1%

Negative equity share: 24.8%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#7 New York

Supply of distressed homes: 30.3 months

House price index (year-over-year): Up 1.9%

Negative equity share: 7.2%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#6 Georgia

Supply of distressed homes: 31.2 months

House price index (year-over-year): Down 6.3%

Negative equity share: 29.8%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#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%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#4 Maine

Supply of distressed homes: 35.7 months

House price index (year-over-year): Down 3.3%

Negative equity share: 8.6%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#3 Illinois

Supply of distressed homes: 36.2%

House price index (year-over-year): Down 6.5%

Negative equity share: 21.3%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#2 New Jersey

Supply of distressed home: 46.1 months

House price index (year-over-year): Down 1.8%

Negative equity share: 16.1%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#1 Mississippi

Supply of distressed home: 70.6 months

House price index (year-over-year): Down 3.9%

Negative equity share: 24.9%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

Bonus: Number 11, and negative equity giant, Florida

Supply of distressed homes: 23.5 months

House price index (year-over-year): Down 8.5%

Negative equity share: 47.0%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

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