The Negative Equity Report

Overview:

The First American CoreLogic Negative Equity Report is the industry’s first state-level assessment of negative equity estimates for all single-family residential properties in the U.S. The data includes nearly 45 million properties that have a first and/or second mortgage, which account for over 85% of all mortgages in the US. Subscribing to this report, you will receive quarterly negative equity updates on the U.S. residential real estate market.

This report looks at negative equity and near-negative equity as of December 31, 2009. First American CoreLogic will update this report on a quarterly basis.

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Methodology:

First American CoreLogic’s data includes 47 million properties with a mortgage, which accounts for over 85 percent of all mortgages in the U.S.* First American CoreLogic used its public record data as the source of the mortgage debt outstanding (MDO) and it includes 1st mortgage liens and junior mortgage liens and is adjusted for amortization and home equity utilization in order to capture the true level of mortgage debt outstanding for each property. The current value was estimated by using the First American CoreLogic Automated Valuation Models (AVM) for residential properties. The data was filtered to include only properties valued between $30,000 and $30 million because AVM accuracy tends to quickly worsen outside of this value range.

The amount of equity for each property was determined by subtracting the property’s estimated current value from the mortgage debt outstanding. If the mortgage debt was greater than the estimated value, then the property is in a negative equity position. The data was created at the property level and aggregated to higher levels of geography.

* Only data for mortgaged residential properties that have an AVM value is presented. There are several states where the public record, AVM or mortgage coverage is thin. Although coverage is thin, these states account for fewer than 5 percent of the total population of the U.S.

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For Media Inquiries about the Negative Equity Report:

For real estate industry and trade media:

Bill Campbell, Campbell Lewis Communications

bill@campbelllewis.com

desk:  (212) 995.8057

mobile:  (917) 328.6539

For general news media:

Lori Guyton, Crosby-Volmer International Communications

lguyton@crosbyvolmer.com

(901) 277.6066