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In Illinois, owners of 387,854 properties with mortgages owe at least 25 percent more on their loans than their property is worth, according to an analysis by ATTOM Data Solutions looking at home equity at the end of the first quarter.
The state ranks fifth in the U.S., with 15.9 percent of all properties with a mortgage considered “seriously underwater.” The analysis is based on a home’s estimated market value.
Altogether, U.S. states, including the District of Columbia, had 5.2 million properties considered seriously underwater at the end of March. That includes 9.5 percent of all properties with a mortgage, which is two-tenths of a percentage point lower than at the end of the first quarter last year.
South Dakota was excluded from the rankings because ATTOM Data Solutions lacks sufficient information on mortgage and estimated value data in that state.
States with highest rates of underwater mortgages
| State | Q1 2018 Total Seriously Underwater (LTV 125+) | Q1 2018 % of Seriously Underwater | |
| 1 | Louisiana | 87,014 | 20.1% |
| 2 | Mississippi | 21,037 | 18.0% |
| 3 | Iowa | 91,331 | 17.2% |
| 4 | West Virginia | 14,800 | 15.9% |
| 5 | Illinois | 387,854 | 15.9% |
| 6 | Alabama | 79,581 | 15.8% |
| 7 | Kansas | 47,531 | 14.9% |
| 8 | Arkansas | 54,793 | 14.8% |
| 9 | Ohio | 324,376 | 14.4% |
| 10 | Georgia | 234,064 | 14.1% |
| 11 | Wisconsin | 127,406 | 14.1% |
| 12 | Indiana | 136,151 | 14.1% |
| 13 | Michigan | 236,184 | 14.0% |
| 14 | Missouri | 134,077 | 13.9% |
| 15 | Kentucky | 65,559 | 13.5% |
| 16 | Delaware | 24,855 | 12.9% |
| 17 | Pennsylvania | 285,236 | 12.8% |
| 18 | Oklahoma | 73,916 | 12.6% |
| 19 | Connecticut | 93,380 | 11.6% |
| 20 | Maryland | 163,237 | 11.3% |
| 21 | New Jersey | 175,541 | 10.5% |
| 22 | Tennessee | 134,320 | 10.3% |
| 23 | North Dakota | 8,581 | 10.3% |
| 24 | Nebraska | 30,767 | 10.1% |
| 25 | Nevada | 63,124 | 10.0% |
| 26 | New Mexico | 29,082 | 10.0% |
| 27 | South Carolina | 76,435 | 10.0% |
| 28 | Virginia | 149,554 | 9.9% |
| 29 | North Carolina | 163,069 | 9.8% |
| 30 | Florida | 408,567 | 9.7% |
| 31 | Maine | 16,182 | 9.2% |
| 32 | Idaho | 25,337 | 9.0% |
| 33 | Montana | 9,891 | 8.3% |
| 34 | Minnesota | 70,807 | 8.2% |
| 35 | Vermont | 1,385 | 8.1% |
| 36 | Rhode Island | 17,806 | 7.9% |
| 37 | Arizona | 116,314 | 7.8% |
| 38 | Wyoming | 4,434 | 7.5% |
| 39 | New Hampshire | 17,526 | 7.4% |
| 40 | New York | 139,114 | 6.8% |
| 41 | Texas | 248,161 | 6.1% |
| 42 | District of Columbia | 6,242 | 6.0% |
| 43 | Alaska | 6,206 | 5.9% |
| 44 | Massachusetts | 88,466 | 5.9% |
| 45 | Utah | 29,719 | 5.3% |
| 46 | Hawaii | 11,547 | 4.7% |
| 47 | Oregon | 34,573 | 4.3% |
| 48 | Washington | 66,486 | 4.1% |
| 49 | California | 294,521 | 4.1% |
| 50 | Colorado | 51,726 | 4.0% |
| United States | 5,206,446 | 9.5% |
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