9 Cities with the Most Underwater Owners
More home owners across the country are regaining equity, but that isn’t stretching to every place. Nationwide, 11.9 percent of homes are seriously underwater, which means the loan amount for the home was at least 25 percent higher than the property’s estimated market value. The number of seriously underwater home owners across the country is steadily improving.
Read more: Housing Is for Everyone — No Exceptions
In general, “the storyline is one of recovery,” says Daren Blomquist, vice president at ATTOM Data Solutions, a real estate research firm. “But there are definitely still markets that are not following that standard storyline.”
In nine U.S. cities, more than one in five home owners are considered seriously underwater. The national average is only about one in 10 as comparison.
“Those are markets that have been left behind,” Blomquist says.
The following nine housing markets are most plagued by the highest percentage of underwater mortgages:
Cleveland
- Percentage seriously underwater: 27.5%
- Percentage of equity rich: 11.8%
Las Vegas
- Percentage seriously underwater: 25.7%
- Percentage of equity rich: 14%
Akron
- Percentage seriously underwater: 24.9%
- Percentage of equity rich: 12.6%
Dayton
- Percentage seriously underwater: 24.1%
- Percentage of equity rich: 10.9%
Toledo
- Percentage seriously underwater: 23.6%
- Percentage of equity rich: 13.1%
Chicago
- Percentage seriously underwater: 22.5%
- Percentage of equity rich: 13.2%
Lakeland, Fla.
- Percentage seriously underwater: 21.6%
- Percentage of equity rich: 15.9%
Detroit
- Percentage seriously underwater: 21.3%
- Percentage of equity rich: 17.6%
Kansas City
- Percentage seriously underwater: 21.2%
- Percentage of equity rich: 10.9%
Source: RealtyTrac and “9 Cities That Can’t Seem to Recover From the Housing Crisis,” MarketWatch (Aug. 11, 2016)
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