Q1 2026 - Home Equity and Underwater - State_County_MSA_Zip FOR DISTRO.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P
1		Q1 2026					Q4 2025					Q1 2025
2	State	Total Outstanding Mortgages	Count of Seriously Underwater	% Seriously Underwater	Equity Rich(LTV 50 or lower)	% Equity Rich	Total Outstanding Mortgages	Count of Seriously Underwater	% Seriously Underwater	Equity Rich(LTV 50 or lower)	% Equity Rich	Total Outstanding Mortgages	Count of Seriously Underwater	% Seriously Underwater	Equity Rich(LTV 50 or lower)	% Equity Rich

3	Alabama	767,677	28,677	3.7%	291,940	38.0%	762,867	27,454	3.6%	294,242	38.6%	749,259	25,847	3.4%	292,508	39.0%
4	Alaska	136,412	2,992	2.2%	45,630	33.5%	136,910	2,907	2.1%	45,898	33.5%	135,654	2,932	2.2%	43,059	31.7%
5	Arizona	1,582,965	35,546	2.2%	700,032	44.2%	1,576,066	33,228	2.1%	716,092	45.4%	1,551,525	28,125	1.8%	772,704	49.8%
6	Arkansas	491,178	31,461	6.4%	174,515	35.5%	489,477	27,498	5.6%	183,403	37.5%	487,505	28,272	5.8%	181,911	37.3%
7	California	7,322,003	124,522	1.7%	3,876,211	52.9%	7,319,650	121,219	1.7%	3,903,507	53.3%	7,308,286	97,636	1.3%	4,193,167	57.4%
8	Colorado	1,420,557	40,326	2.8%	575,128	40.5%	1,410,773	38,524	2.7%	595,027	42.2%	1,418,504	31,932	2.3%	650,331	45.8%
9	Delaware	249,579	6,934	2.8%	94,709	37.9%	249,226	6,196	2.5%	100,917	40.5%	243,527	5,930	2.4%	99,484	40.9%
10	District of Columbia	117,446	6,183	5.3%	32,957	28.1%	117,258	5,174	4.4%	35,217	30.0%	117,080	4,436	3.8%	37,395	31.9%
11	Florida	4,979,722	118,758	2.4%	2,151,074	43.2%	4,951,647	112,975	2.3%	2,174,139	43.9%	4,893,731	80,340	1.6%	2,413,756	49.3%
12	Georgia	2,095,586	73,656	3.5%	820,740	39.2%	2,084,758	73,367	3.5%	832,189	39.9%	2,069,514	63,193	3.1%	898,144	43.4%
13	Hawaii	278,117	5,047	1.8%	155,304	55.8%	278,869	5,284	1.9%	151,453	54.3%	279,294	3,707	1.3%	163,204	58.4%
14	Idaho	441,470	12,206	2.8%	227,930	51.6%	438,753	11,305	2.6%	232,695	53.0%	427,084	10,761	2.5%	237,116	55.5%
15	Illinois	2,618,060	127,599	4.9%	877,315	33.5%	2,617,154	123,637	4.7%	883,243	33.7%	2,608,994	125,091	4.8%	822,978	31.5%
16	Indiana	1,231,879	45,900	3.7%	517,372	42.0%	1,224,037	39,820	3.3%	553,879	45.3%	1,225,546	37,100	3.0%	546,710	44.6%
17	Iowa	724,636	43,404	6.0%	235,295	32.5%	722,692	41,822	5.8%	237,891	32.9%	713,784	40,505	5.7%	240,472	33.7%
18	Kansas	429,700	21,350	5.0%	165,924	38.6%	426,114	22,418	5.3%	170,709	40.1%	420,674	19,753	4.7%	166,695	39.6%
19	Kentucky	722,895	61,368	8.5%	220,032	30.4%	722,198	57,083	7.9%	231,803	32.1%	707,296	51,986	7.3%	235,282	33.3%
20	Louisiana	665,614	78,788	11.8%	119,258	17.9%	659,019	70,228	10.7%	132,193	20.1%	652,824	68,411	10.5%	132,679	20.3%
21	Maine	306,930	7,764	2.5%	169,740	55.3%	306,233	6,828	2.2%	177,774	58.1%	302,891	6,251	2.1%	178,395	58.9%
22	Maryland	1,521,556	58,549	3.8%	427,464	28.1%	1,520,864	56,123	3.7%	432,606	28.4%	1,519,477	44,547	2.9%	477,294	31.4%
23	Massachusetts	1,578,865	23,602	1.5%	840,083	53.2%	1,580,968	20,743	1.3%	874,430	55.3%	1,579,446	19,287	1.2%	882,294	55.9%
24	Michigan	2,018,292	62,161	3.1%	920,295	45.6%	2,010,331	55,559	2.8%	959,033	47.7%	1,990,378	57,887	2.9%	909,742	45.7%
25	Minnesota	1,163,138	35,385	3.0%	413,441	35.5%	1,160,526	32,325	2.8%	428,862	37.0%	1,150,086	30,741	2.7%	420,129	36.5%
26	Mississippi	319,995	25,683	8.0%	122,636	38.3%	317,655	26,486	8.3%	122,036	38.4%	311,071	20,507	6.6%	122,784	39.5%
27	Missouri	1,221,354	59,783	4.9%	494,736	40.5%	1,216,300	55,475	4.6%	510,906	42.0%	1,209,844	57,427	4.7%	497,871	41.2%
28	Montana	116,232	2,246	1.9%	67,051	57.7%	119,190	2,604	2.2%	68,322	57.3%	115,012	2,171	1.9%	68,366	59.4%
29	Nebraska	382,819	16,517	4.3%	147,923	38.6%	381,254	15,859	4.2%	149,260	39.1%	380,064	15,523	4.1%	147,957	38.9%
30	Nevada	703,386	14,767	2.1%	280,920	39.9%	701,378	13,212	1.9%	291,305	41.5%	690,753	11,337	1.6%	307,173	44.5%
31	New Hampshire	299,954	3,932	1.3%	174,396	58.1%	299,314	3,512	1.2%	180,176	60.2%	298,393	3,184	1.1%	180,515	60.5%
32	New Jersey	1,891,631	34,671	1.8%	982,967	52.0%	1,891,067	33,066	1.7%	995,583	52.6%	1,877,254	32,038	1.7%	977,118	52.1%
33	New Mexico	363,820	11,948	3.3%	152,606	41.9%	361,983	10,859	3.0%	159,145	44.0%	359,869	10,245	2.8%	157,415	43.7%
34	New York	2,389,205	45,154	1.9%	1,300,229	54.4%	2,385,803	43,202	1.8%	1,320,655	55.4%	2,376,416	43,696	1.8%	1,286,604	54.1%
35	North Carolina	2,166,910	66,121	3.1%	911,506	42.1%	2,160,811	61,685	2.9%	953,214	44.1%	2,123,209	52,767	2.5%	1,001,202	47.2%
36	North Dakota	120,234	5,192	4.3%	39,471	32.8%	118,631	4,934	4.2%	40,000	33.7%	106,483	5,132	4.8%	33,962	31.9%
37	Ohio	2,525,511	107,890	4.3%	1,021,766	40.5%	2,520,594	100,115	4.0%	1,064,451	42.2%	2,509,483	103,819	4.1%	1,026,265	40.9%
38	Oklahoma	716,738	47,404	6.6%	208,177	29.0%	708,189	38,555	5.4%	244,570	34.5%	711,532	39,487	5.5%	231,949	32.6%
39	Oregon	870,307	19,253	2.2%	385,266	44.3%	866,100	17,963	2.1%	394,768	45.6%	863,778	15,540	1.8%	421,791	48.8%
40	Pennsylvania	2,743,614	117,893	4.3%	1,150,272	41.9%	2,733,487	107,127	3.9%	1,202,577	44.0%	2,706,870	105,834	3.9%	1,154,644	42.7%
41	Rhode Island	229,866	2,701	1.2%	131,551	57.2%	229,836	2,336	1.0%	136,510	59.4%	231,033	2,229	1.0%	138,145	59.8%
42	South Carolina	1,053,767	38,407	3.6%	410,611	39.0%	1,037,747	35,223	3.4%	424,628	40.9%	1,022,442	38,389	3.8%	412,479	40.3%
43	South Dakota	64,900	1,972	3.0%	33,992	52.4%	64,522	1,884	2.9%	34,055	52.8%	64,375	2,177	3.4%	32,995	51.3%
44	Tennessee	1,466,950	54,511	3.7%	659,591	45.0%	1,452,650	49,236	3.4%	690,760	47.6%	1,446,209	44,729	3.1%	714,941	49.4%
45	Texas	5,291,491	138,237	2.6%	2,250,135	42.5%	5,281,448	121,108	2.3%	2,361,024	44.7%	5,177,117	119,220	2.3%	2,454,250	47.4%
46	Utah	703,769	18,388	2.6%	342,882	48.7%	703,036	18,226	2.6%	341,029	48.5%	695,751	17,931	2.6%	352,658	50.7%
47	Vermont	18,827	138	0.7%	16,131	85.7%	18,943	124	0.7%	16,486	87.0%	19,265	136	0.7%	16,521	85.8%
48	Virginia	1,887,320	45,676	2.4%	691,405	36.6%	1,884,363	45,552	2.4%	698,028	37.0%	1,866,895	36,859	2.0%	711,741	38.1%
49	Washington	1,742,274	36,841	2.1%	833,168	47.8%	1,748,251	36,169	2.1%	839,655	48.0%	1,737,753	33,620	1.9%	890,695	51.3%
50	West Virginia	186,910	8,502	4.5%	65,362	35.0%	185,591	8,091	4.4%	65,951	35.5%	179,868	7,540	4.2%	63,919	35.5%
51	Wisconsin	1,200,974	41,859	3.5%	594,246	49.5%	1,197,861	40,723	3.4%	603,355	50.4%	1,188,871	40,387	3.4%	586,587	49.3%
52	Wyoming	110,973	2,708	2.4%	49,114	44.3%	110,468	2,549	2.3%	49,464	44.8%	110,233	2,789	2.5%	50,025	45.4%
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54	Grand Total	63,841,435	2,027,669	3.2%	27,625,535	43.3%	63,650,353	1,894,337	3.0%	28,362,303	44.6%	63,870,093	1,766,529	2.8%	29,482,724	46.2%
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