Compared to the national average, Utah has fewer homes in negative equity — where someone’s mortgage is more than the current value of their home. At the end of the third quarter 2009 approximately 18% of residential Utah homes were underwater, while the national average was 23%.

One of the worst hit areas was in the neighboring state of Nevada, where 65% of residential properties were underwater.

One reason for Utah’s better than average negative equity rate, was that during the property boom the level of housing speculation was not nearly as great as that seen in other states. This kept our home appreciation at a lower level. It also helps that we have one of the lowest unemployment levels in the U.S.

Data provided by American First CoreLogic.