Mortgage Debts Around the U.S.Real estate hasn’t been doing so well for the last several years and that is no surprise. The bubble burst, jobs were lost and the economy is struggling to get back on track. Surprisingly though, Housingwatch.com reports that the states with the highest average mortgage debt are not in trouble. The average home price decreased in those same states, but the foreclosure rates are among the lowest ones in America.
Nevada has a mortgage debt of $196,911 per person and a 44.5 percent decline in home value. Colorado has a mortgage debt of $ 198,117 and an actual increase in home value, at 1.6 percent. Connecticut has $211,516 in mortgage debt per person and a decline of 3.4 percent in home value. Virginia, Washington, New Jersey also join this list of worst mortgage debt.
The local Maryland movers learned that Maryland had $242,445 in mortgage debt per person and an average of $68,854 in household income. The average credit card debt of a person residing in Maryland is at 7,226. Maryland had a very small number of homes built before the recessions, so the state has been able to do relatively well. In fact, Maryland had the 12th fewest foreclosures as of this past December. Also, the average credit score of a resident in Maryland is 12th best.
Credit Karma recently did a study to find the 10 states with the highest mortgage debt and found that most of them were in that situation due to an initial high mortgage. For examples, Connecticut and Massachusetts have the highest average home values but also the highest mortgage debt. Hawaii has the second highest mortgage debt per person and an average home value of $525,400.
Not surprising, that the states with the highest mortgage debts also have the sharpest drops in home value. Home price tags of states with the most mortgage debt in seven of the 10 states declined. California and Nevada have residential properties lost more than 30 percent of their worth. New Jersey and Maryland, who did relatively well during the housing crisis, lost between 7 and 10 percent of their value.
The study also found that states with the lowest average home value and high mortgage debt also had the highest foreclosure rate. This includes places like Illinois, Michigan and Florida. If you live in the Maryland area and are moving to a new home, consider the Maryland movers for professional moving services at an affordable price. The All My Sons of Maryland movers are backed by four generations of movers and are part of the All My Sons Moving and Storage moving company. The local Maryland moving specialists will quilt pad wrap your delicate belongings and make sure all of your furniture is safely transported to your new home in Maryland. So when you’re ready for your stress-free moving day, call the Maryland movers.