44% of Jax properties underwater

Almost 44 percent of all residential properties in Jacksonville with a mortgage — 145,316 — were in negative equity in the third quarter, CoreLogic reported Monday.

Negative equity, often referred to as being “underwater” or “upside down” on a mortgage, means that borrowers owe more on their mortgages than their homes are worth. It can occur because of a decline in value, an increase in mortgage debt or a combination of both.

An additional 5.2 percent of Jacksonville mortgages, or 17,175, were in near negative equity, CoreLogic said.

Negative equity was concentrated in five states in the third quarter: Nevada, which had the highest negative equity percentage with 67 percent of all of its mortgaged properties underwater, followed by Arizona, 49 percent; Florida, 46 percent; Michigan, 38 percent; and California, 32 percent.