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U.S. Cities With The Most Underwater Mortgages

The Cities Most Underwater
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., 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 “,” which represents the median measure of
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.

By Paul ToscanoPosted 16 Nov 2009


15. Tampa-St. Petersburg-Clearwater, Fla.
% 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%
Photo: Christopher Hollis

% of Homes with negative equity: 47.5%
Homes with negative equity: 255,793

Zillow Home Value Index: $126,593
Year-over-year change: -16.6%

Last time market was at current levels: Aug 2003
Change from market peak: -41.2%

Complete Breakdown of this City's Market from Zillow.com


14. Bradenton-Sarasota-Venice, Fla.
% 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%
Photo: Jesse Yoder

% of Homes with negative equity: 48.2%
Homes with negative equity: 73,422

Zillow Home Value Index: $155,299
Year-over-year change: -14.3%

Last time market was at current levels: Nov 2002
Change from market peak: -49.2%

Complete Breakdown of this City's Market from Zillow.com


13. Lakeland-Winter Haven, Fla.
% 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%

% of Homes with negative equity: 49.2%
Homes with negative equity: 51,927

Zillow Home Value Index: $112,381
Year-over-year change: -19.4%

Last time market was at current levels: July 2004
Change from market peak: -39.7%

Complete Breakdown of this City's Market from Zillow.com


12. Bakersfield, Calif.
% 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%
Photo: Bobak Ha'Eri

% of Homes with negative equity: 50.4%
Homes with negative equity: 64,383

Zillow Home Value Index: $135,992
Year-over-year change: 19.5%

Last time market was at current levels: Dec 2003
Change from market peak: -50.6%

Complete Breakdown of this City's Market from Zillow.com


11. Riverside-San Bernardino-Ontario, Calif.
% 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%
Photo: Getty Images

% of Homes with negative equity: 58.5%
Homes with negative equity: 397,634

Zillow Home Value Index: $189,121
Year-over-year change: -21.8%

Last time market was at current levels: Dec 2002
Change from market peak: -53.0%

Complete Breakdown of this City's Market from Zillow.com


10. Cape Coral-Fort Myers, Fla.
% 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%
Photo: ReignMan

% of Homes with negative equity: 60.5%
Homes with negative equity: 82,457

Zillow Home Value Index: $120,261
Year-over-year change: -26.7%

Last time market was at current levels: Oct 2001
Change from market peak: -59.9%

Complete Breakdown of this City's Market from Zillow.com


9. Vallejo-Fairfield, Calif.
% 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%
Photo: Coolcaesar

% of Homes with negative equity: 61.1%
Homes with negative equity: 46,353

Zillow Home Value Index: $216,918
Year-over-year change: 20.1%

Last time market was at current levels: Jan 2001
Change from market peak: -54.2%

Complete Breakdown of this City's Market from Zillow.com


8. Orlando-Kissimmee, Fla.
% 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%
Photo: Peter Dutton

% of Homes with negative equity: 62.3%
Homes with negative equity: 239,759

Zillow Home Value Index: $137,301
Year-over-year change: -23.6%

Last time market was at current levels: Jun 2003
Change from market peak: -46.5%

Complete Breakdown of this City's Market from Zillow.com


7. Reno-Sparks, Nev.
% 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%
Photo: Warren B.

% of Homes with negative equity: 62.4%
Homes with negative equity: 43,703

Zillow Home Value Index: $192,883
Year-over-year change: -19.4%

Last time market was at current levels: Apr 2003
Change from market peak: -46.2%

Complete Breakdown of this City's Market from Zillow.com


6. Port St. Lucie, Fla.
% 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%
Photo: Joe Shlabotnik

% of Homes with negative equity: 62.5%
Homes with negative equity: 60,108

Zillow Home Value Index: $121,240
Year-over-year change: -19.1%

Last time market was at current levels: Sept 2002
Change from market peak: -52.1%

Complete Breakdown of this City's Market from Zillow.com


5. Phoenix-Mesa-Scottsdale, Ariz.
% 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%
Photo: Wjhonson

% of Homes with negative equity: 63.5%
Homes with negative equity: 470,923

Zillow Home Value Index: $148,501
Year-over-year change: -22.2%

Last time market was at current levels: Jul 2003
Change from market peak: -47.2%

Complete Breakdown of this City's Market from Zillow.com


4. Stockton, Calif.
% 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%
Photo: Inman News

% of Homes with negative equity: 66.9%
Homes with negative equity: 74,939

Zillow Home Value Index: $154,501
Year-over-year change: -24.8%

Last time market was at current levels: Oct 2000
Change from market peak: -62.4%

Complete Breakdown of this City's Market from Zillow.com


3. Modesto, Calif.
% 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%
Photo: Tom Hilton

% of Homes with negative equity: 70.4%
Homes with negative equity: 63,099

Zillow Home Value Index: $141,045
Year-over-year change: -22.7%

Last time market was at current levels: Jan 2001
Change from market peak: -61.4%

Complete Breakdown of this City's Market from Zillow.com


2. Merced, Calif.
% 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%
Photo: Ron Johnson

% of Homes with negative equity: 72.2%
Homes with negative equity: 29,580

Zillow Home Value Index: $96,340
Year-over-year change: -38.9%

Last time market was at current levels: Oct 1998
Change from market peak: -72.0%

Complete Breakdown of this City's Market from Zillow.com


1. Las Vegas-Paradise, Nev.
% 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%
Photo: Matze Ott

% of Homes with negative equity: 81.1%
Homes with negative equity: 257,683

Zillow Home Value Index: $134,601
Year-over-year change: -31.6%

Last time market was at current levels: Apr 2001
Change from market peak: -55.7%

Complete Breakdown of this City's Market from Zillow.com