While both the state and nation have seen a decline in negative equity with homeowners, Arizona still falls near the bottom of the state ranks.
Arizona ranked 39th out of the 45 states compared for what RealtyTrac deems as homeowners "seriously underwater," which is when homeowners owe more than 125% of their property's value in loans.
In the RealtyTrac report, the state totaled at 14.3% by the end of 2015, for state homeowners seriously underwater. That's down almost two percent from 2014, at 16.1%.
Alabama held the number one spot on the list, with only 0.3% of their homeowners seriously underwater. In contrast, the worst state, Nevada, was at 23.9%.
More than half of the states in the study saw a decrease between 2014 and 2015.
Take a look at the map below to see what percent of homeowners in each state owe more than 125 percent of their home's value.
