A high mortgage debt doesn’t mean you’re at a greater likelihood of defaulting on your mortgage, at least according to a new analysis.
The states with the highest mortgage debt are surprisingly in states with some of the lowest foreclosure rates in the country, according to an analysis by 24/7 Wall St., using a report by Credit Karma. Residents of the states with some of the highest mortgage debt seem to be wealthy enough to be able to afford to lose or owe more money than other states, finds 24/7 Wall St.
The states with the highest mortgage debt tend to be in states that have some of the highest median home values.
The following are the top states with highest mortgage debt, according to 24/7 Wall St. and Credit Karma:
1. California
Average mortgage debt: $313,749
Median household income: $57,708
2. Hawaii
Average mortgage debt: $307,508
Median household income: $63,030
3. Maryland
Average mortgage debt: $242,445
Median household income: $68,854
4. New Jersey
Average mortgage debt: $236,017
Median household income: $67,681
5. Washington
Average mortgage debt: $225,581
Median household income: $55,681
6. Massachusetts
Average mortgage debt: $224,661
Median household income: $62,072
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/01/30/top-6-states-highest-mortgage-debt
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
Top 6 States With Highest Mortgage Debt: News GayRealEstate http://gayrealestate.typepad.com/gayrealestate_usa/2012/02/top-6-states-with-highest-mortgage-debt-.html #realtor #realestate
Posted by: Gay Real Estate News ~ GayRealEstate.com | Thursday, February 02, 2012 at 05:48 AM