12 Cities Where Homeowners Are Deep Underwater
By Mamta Badkar
Analysts have been out saying housing has turned the corner
Adding to signs of a recovery is a report from Zillow
that shows that the number of homeowners in negative equity -- in which a borrower owes more on their mortgage
than their home is worth -- is declining. Being in negative equity is also known as being underwater
30.9 percent of homeowners with with mortgages or 15.3 million households were underwater in the second quarter. This compares with 31.4 percent or 15.7 million homeowners in the previous quarter.
However, housing is a local story and large parts of the country are still struggling with negative equity.
We drew on Zillow's report to highlight 12 metros that still have very high negative equity and included the delinquency rate and loan-to-value ratio. We rank them by negative equity share, or the percent of homes that are underwater.
Note: Delinquency rate is the percent of homes that are over 90 days late on their mortgage payments.
This story was originally published by Business Insider.
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