For individual homeowners, being “underwater” on a mortgage – when a home is worth less than outstanding debt, or has “negative equity” – is one of the worst positions to be in, short of foreclosure.
Zillow.com, a firm that compiles US real estate and mortgage information, has put together a list of the 156 largest metro areas that includes statistics on median home values, market changes and the proportion of homes with negative equity.
Included in the data is the “Zillow Home Values Index,” which represents the median measure of home valuations. According to Zillow’s newest report, the current median US home price is $204,900, down 6.82% year-over-year. More than one in five - 23.3% - of US homes are underwater, which is up slightly from 23% from Q2 2009, according to Zillow.
So, which metro areas have the highest proportion of homes underwater? Click ahead for the results.
By Paul Toscano
Posted 10 May 2010