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2012, the percent had fallen to 3.1%. Over the same period, the backlog of loans in the foreclosure process decreased only slightly, from 4.6% to 4.4% of mortgages. Delinquencies and foreclosures are concentrated by state, with California, Florida, Nevada, and Arizona hit particularly hard. Between early 2007 and the first quarter of 2010, 6.1 million foreclosure notices were issued on first -lien loans. In early 2010, the number of loans in the foreclosure process was 2.1 million, which was nearly four times the number of foreclosures in process three years earlier. Figure 7. Number of loans (millions) in foreclosure proceedings 4.5 4.0 3.5 ---- --- --------- - 3.0 2.5 2.0 1.5 --- ....._._ 1.0 0.5 0.0 eG Q • In Foreclosure 0 At Least 90 Days Past Due Note- MBA estimates that the survey covers " percent of loans outstanding. Source- JCHS tabulations of Mutgage Bankers Association, National Winquency Surveys. Source: State of the Nation's Housing, 2012. The Joint Center for Housing Studies of Harvard University, p. 3. http://www.jchs.harvard.edu/research/state_nations_housing Since 2008, foreclosures have contributed to a sharp decrease in housing prices, leaving roughly 11.1 million homeowners underwater on their mortgages (where the value of the house is less than the owner's mortgage). These loans equate to $717 billion in negative equity. As with home foreclosures, underwater mortgages are concentrated geographically. In Nevada, 61% of mortgages are underwater, the highest rate in the country. Florida and California account for more than a third of the nation's underwater mortgages. Long run trends in home ownership and demand The long-term market outlook shows that homeownership is still the preferred tenure. While further homeownership gains are likely during the next decade, they are not assured. Additional increases depend, in Page 40 ECONorthwest Part 11 - Eugene Housing Needs Analysis