12 Cities Where Homeowners Are Deep Underwater

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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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Cities Where Homeowners Are Deep Underwater
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12 Cities Where Homeowners Are Deep Underwater

Negative equity share: 37.8 percent
Total amount of negative equity: $23 billion
Delinquency rate: 10.3 percent

37.6 percent of underwater homeowners owe 20 percent or less, while 9.1 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Negative equity share: 38.7 percent
Total amount of negative equity: $17.5 billion
Delinquency rate: 4.7 percent

39.1 percent of underwater homeowners owe 20 percent or less, while 8.5 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Photo: Flickr/philipshannon

Negative equity share: 39.2 percent
Total amount of negative equity: $56.8 billion
Delinquency rate: 12.0 percent

32.2 percent of underwater homeowners owe 20 percent or less, while 15.3 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Negative equity share: 43.7 percent
Total amount of negative equity: $42.7 billion
Delinquency rate: 24.9 percent

22.5 percent of underwater homeowners owe 20 percent or less, while 30.1 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Negative equity share: 46.6 percent
Total amount of negative equity: $16.2 billion
Delinquency rate: 17.6 percent

25.0 percent of underwater homeowners owe 20 percent or less, while 21.6 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Photo: Flickr/Fifth World Art

Negative equity share: 48.3 percent
Total amount of negative equity: $24.3 billion
Delinquency rate: 5.4 percent

23.1 percent of underwater homeowners owe 20 percent or less, while 28.0 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Photo: Wikimedia/Shawn Wilson

Negative equity share: 49.3 percent
Total amount of negative equity: $19.6 billion
Delinquency rate: 8.2 percent

29.1 percent of underwater homeowners owe 20 percent or less, while 18.9 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Photo: Wimikmedia/Basil D Soufi

Negative equity share: 51.2 percent
Total amount of negative equity: $39.2 billion
Delinquency rate: 11.1 percent

28.9 percent of underwater homeowners owe 20 percent or less, while 22.3 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Photo: Wikimedia/Matthew Mendoza

Negative equity share: 51.6 percent
Total amount of negative equity: $35.6 billion
Delinquency rate: 8.0 percent

24.7 percent of underwater homeowners owe 20 percent or less, while 24.2 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Negative equity share: 51.9 percent
Total amount of negative equity: $15.8 billion
Delinquency rate: 18.2 percent

23.5 percent of underwater homeowners owe 20 percent or less, while 25.4 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Negative equity share: 54.4 percent
Total amount of negative equity: $38.2 billion
Delinquency rate: 7.8 percent

26.0 percent of underwater homeowners owe 20 percent or less, while 22.2 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

Photo: Flickr/I'll Never Grow Up

Negative equity share: 68.5 percent
Total amount of negative equity: $23.7 billion
Delinquency rate: 13.6 percent

20.4 percent of underwater homeowners owe 20 percent or less, while 36.0 percent of underwater homeowners owe more than double what their home is worth.

Source: Zillow

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See also:
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