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.
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: 255,793
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: 73,422
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: 51,927
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: 64,383
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: 397,634
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: 82,457
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: 46,353
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: 239,759
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: 43,703
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: 60,108
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: 470,923
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: 74,939
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: 63,099
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: 29,580
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: 257,683
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