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Weather has nothing to do with homes "deeply underwater"

ILLINOIS -- Homeowners are learning more about the condition of the state's housing market. For millions of us, it's in bad shape.
ILLINOIS -- Homeowners are learning more about the condition of the state's housing market. For millions of us, it's in bad shape.

The RealtyTrac Study shows nearly one-third of Illinois' homes are "deeply underwater." It means those homes are worth at least 25% less than what's owed on the loan. It includes as many as 775,000 homes.

The report is based on data from December which found both Nevada and Florida fare worse than here with homes in those states at 38% and 34% deeply underwater, respectively.

Some good news; the number of homes with at least 50% equity grew during the fourth quarter of last year. Because of it, 12% of Illinois' homes are considered "equity rich."

Nationally, RealtyTrac says rising home prices are providing some relief, lowering the percentage of "deeply underwater" homes.

Other national statistics show 9.3 million properties or 19% of all homes with mortgages were "deeply underwater" in December. But, that's a good number. It's down significantly from 10.9 million or 26% last January.
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