New Mexico is ranked in the nation's top 10 for home mortgage equity, according to a survey that uses negative equity as its key metric. Just 8.2 percent of New Mexico's 186,844 mortgages were showing negative equity at the end of September. The survey, conducted by First American CoreLogic, shows New Mexico had the eighth lowest negative equity among the 50 states. Nevada at 48.7 percent and Michigan at 39 percent had the most negative equity. Negative equity is calculated by comparing the current estimated value of a home against its outstanding mortgage debt.

The national negative equity stands at 18.2 percent. Many homes with negative equity end up as foreclosures as homeowners simply walk away from their homes because they are worth less than the mortgage owed. The survey also shows near-negative equity mortgages and there are 11.7 percent of New Mexico's mortgages in that catagory. Arizona,, California,and Florida are all approaching 30 percent levels of negative equity. Conversely New York is strong at just 4.4 percent. Colorado is at 18.c percent.