U.S. Cities With The Most Underwater Mortgages

Source: Zillow.com 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 Q3 report, the current median US home price is $190,414, down 6.9% from a year earlier. Almost one in five - 21% - of US homes are underwater, although this number has dropped from 23% from the second quarter of this year.So, which metro areas have the highest proportion of homes underwater? Click ahead for the results.Full Story: Underwater Mortgages Could Sink Even DeeperBy Paul ToscanoPosted 16 Nov 2009

Photo: Christopher Hollis % of Homes with negative equity: 47.5%Homes with negative equity: 255,793Zillow Home Value Index: $126,593Year-over-year change: -16.6%Last time market was at current levels: Aug 2003Change from market peak: -41.2%Complete Breakdown of this City's Market from Zillow.com

Photo: Jesse Yoder % of Homes with negative equity: 48.2%Homes with negative equity: 73,422Zillow Home Value Index: $155,299Year-over-year change: -14.3%Last time market was at current levels: Nov 2002Change from market peak: -49.2%Complete Breakdown of this City's Market from Zillow.com

% of Homes with negative equity: 49.2%Homes with negative equity: 51,927Zillow Home Value Index: $112,381Year-over-year change: -19.4%Last time market was at current levels: July 2004Change from market peak: -39.7%Complete Breakdown of this City's Market from Zillow.com

Photo: Bobak Ha'Eri % of Homes with negative equity: 50.4%Homes with negative equity: 64,383Zillow Home Value Index: $135,992Year-over-year change: 19.5%Last time market was at current levels: Dec 2003Change from market peak: -50.6%Complete Breakdown of this City's Market from Zillow.com

Photo: Getty Images % of Homes with negative equity: 58.5%Homes with negative equity: 397,634Zillow Home Value Index: $189,121Year-over-year change: -21.8%Last time market was at current levels: Dec 2002Change from market peak: -53.0%Complete Breakdown of this City's Market from Zillow.com

Photo: ReignMan % of Homes with negative equity: 60.5%Homes with negative equity: 82,457Zillow Home Value Index: $120,261Year-over-year change: -26.7%Last time market was at current levels: Oct 2001Change from market peak: -59.9%Complete Breakdown of this City's Market from Zillow.com

Photo: Coolcaesar % of Homes with negative equity: 61.1%Homes with negative equity: 46,353Zillow Home Value Index: $216,918Year-over-year change: 20.1%Last time market was at current levels: Jan 2001Change from market peak: -54.2%Complete Breakdown of this City's Market from Zillow.com

Photo: Peter Dutton % of Homes with negative equity: 62.3%Homes with negative equity: 239,759Zillow Home Value Index: $137,301Year-over-year change: -23.6%Last time market was at current levels: Jun 2003Change from market peak: -46.5%Complete Breakdown of this City's Market from Zillow.com

Photo: Warren B. % of Homes with negative equity: 62.4%Homes with negative equity: 43,703Zillow Home Value Index: $192,883Year-over-year change: -19.4%Last time market was at current levels: Apr 2003Change from market peak: -46.2%Complete Breakdown of this City's Market from Zillow.com

Photo: Joe Shlabotnik % of Homes with negative equity: 62.5%Homes with negative equity: 60,108Zillow Home Value Index: $121,240Year-over-year change: -19.1%Last time market was at current levels: Sept 2002Change from market peak: -52.1%Complete Breakdown of this City's Market from Zillow.com

Photo: Wjhonson % of Homes with negative equity: 63.5%Homes with negative equity: 470,923Zillow Home Value Index: $148,501Year-over-year change: -22.2%Last time market was at current levels: Jul 2003Change from market peak: -47.2%Complete Breakdown of this City's Market from Zillow.com

Photo: Inman News % of Homes with negative equity: 66.9%Homes with negative equity: 74,939Zillow Home Value Index: $154,501Year-over-year change: -24.8%Last time market was at current levels: Oct 2000Change from market peak: -62.4%Complete Breakdown of this City's Market from Zillow.com

Photo: Tom Hilton % of Homes with negative equity: 70.4%Homes with negative equity: 63,099Zillow Home Value Index: $141,045Year-over-year change: -22.7%Last time market was at current levels: Jan 2001Change from market peak: -61.4%Complete Breakdown of this City's Market from Zillow.com

Photo: Ron Johnson % of Homes with negative equity: 72.2%Homes with negative equity: 29,580Zillow Home Value Index: $96,340Year-over-year change: -38.9%Last time market was at current levels: Oct 1998Change from market peak: -72.0%Complete Breakdown of this City's Market from Zillow.com

Photo: Matze Ott % of Homes with negative equity: 81.1%Homes with negative equity: 257,683Zillow Home Value Index: $134,601Year-over-year change: -31.6%Last time market was at current levels: Apr 2001Change from market peak: -55.7%Complete Breakdown of this City's Market from Zillow.com

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