Housing
Nearly 10 Million Homeowners Still Underwater on Mortgage Loans
Published:
Last Updated:
If home prices improve by 5%, another 1.6 million homeowners will regain positive equity.
The data was released today by research firm CoreLogic Inc. (NYSE: CLGX).
Another 11.2 million properties have positive equity below 20%, meaning that of 39 million properties with positive equity and 11.8 million properties underwater or with less than 20% equity, nearly 45% of all properties remain in jeopardy.
CoreLogic’s CEO noted:
The negative equity burden continues to recede across the country thanks largely to rising home prices. We are still far below peak home price levels, but tight supplies in many areas, coupled with continued demand for single family homes, should help us close the gap.
The five metropolitan areas with the highest percentage of properties with negative equity are Tampa-St. Petersburg, Fla. (41.4%), Miami (40.7%), Atlanta (34.5%), Chicago (34.2%) and Warren-Troy, Mich. (33.6%).
The five with the highest percentage in positive equity are Dallas (91.7%), Houston (91%), Nassau-Suffolk, N.Y. (90.8%), Philadelphia (90.4%) and New York (89%).
Among other notable data points from the report:
- Average loan-to-value ratio is 67.2%.
- Total properties equal 48.69 million.
- Aggregate value of negative equity totals $580 billion.
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.