Housing
Underwater Mortgages Go More Underwater, Miami and Phoenix Hit
Published:
Last Updated:
The number of underwater mortgages in the U.S. increased again in the third quarter. That makes sense because by most measures home values have fallen throughout the period. It also confirms that widely held belief that housing prices may not return to 2006 levels for many years.
Research firm Zillow reports that:
A lower rate of foreclosure liquidations coupled with relatively flat home values caused negative equity to rise in the third quarter with 28.6 percent of single-family homeowners with mortgages underwater, compared to 26.8 percent in the second quarter.
Most of the cities with the highest level of mortgages that are underwater are on many lists of regions troubled by the housing disaster.
In the Miami area, 47% of the mortgages are underwater. The figure is 66% for Phoenix. Sacramento underwater mortgage level is 51%.
Home markets that are at the better end of the scale include Boston, where only 14% are underwater, and New York the number is 18%.
The Zillow data is another sign that the housing problem is local and not national. Until the home markets in areas that include south Florida, central California, Arizona and Nevada recover, the underwater mortgage figure for the entire country will remain near historic highs.
Market-by-market numbers here.
Douglas A. McIntyre
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.