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U.S. Cities With The Most Underwater Mortgages

The Most Underwater Mortgages

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 “Zillow Home Values Index,” which repres
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 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

15. Jacksonville, Florida

% of Homes with negative equity: 49.1% Homes with negative equity: 127,807 Zillow Home Value Index: $141,700Year-over-year change: -8.45%
Photo: Jon Zander

% of Homes with negative equity: 49.1%
Homes with negative equity: 127,807

Zillow Home Value Index: $141,700
Year-over-year change: -8.45%

14. Riverside, California

% of Homes with negative equity: 51.2% Homes with negative equity: 347,778 Zillow Home Value Index: $188,900Year-over-year change: -8.27%
Photo: Getty Images

% of Homes with negative equity: 51.2%
Homes with negative equity: 347,778

Zillow Home Value Index: $188,900
Year-over-year change: -8.27%

13. Tampa, Florida

% of Homes with negative equity: 53.1% Homes with negative equity: 286,303 Zillow Home Value Index: $118,000Year-over-year change: -12.05%

% of Homes with negative equity: 53.1%
Homes with negative equity: 286,303

Zillow Home Value Index: $118,000
Year-over-year change: -12.05%

12. Vallejo, California

% of Homes with negative equity: 54.7% Homes with negative equity: 41,436 Zillow Home Value Index: $204,400Year-over-year change: -11.94%
Photo: Getty Images

% of Homes with negative equity: 54.7%
Homes with negative equity: 41,436

Zillow Home Value Index: $204,400
Year-over-year change: -11.94%

11. El Centro, California

% of Homes with negative equity: 54.9% Homes with negative equity: 12,103 Zillow Home Value Index: Year-over-year change:
Photo: Gabriel Flores Romero

% of Homes with negative equity: 54.9%
Homes with negative equity: 12,103

Zillow Home Value Index:
Year-over-year change:

10. Port St. Lucie, Florida

% of Homes with negative equity: 56.2% Homes with negative equity: 54,190 Zillow Home Value Index: $118,100Year-over-year change: -9.69%
Photo: Joe Shlabotnik

% of Homes with negative equity: 56.2%
Homes with negative equity: 54,190

Zillow Home Value Index: $118,100
Year-over-year change: -9.69%

9. Stockton, California

% of Homes with negative equity: 57.7% Homes with negative equity: 64,614 Zillow Home Value Index: $157,100Year-over-year change: -8.43%
Photo: Inman News

% of Homes with negative equity: 57.7%
Homes with negative equity: 64,614

Zillow Home Value Index: $157,100
Year-over-year change: -8.43%

8. Fort Meyers, Florida

% of Homes with negative equity: 58.2% Homes with negative equity: 83,553 Zillow Home Value Index: N/AYear-over-year change: N/A
Photo: Panoramic Images | Getty Images

% of Homes with negative equity: 58.2%
Homes with negative equity: 83,553

Zillow Home Value Index: N/A
Year-over-year change: N/A

7. Lakeland, Florida

% of Homes with negative equity: 58.5% Homes with negative equity: 62,423 Zillow Home Value Index: $105,800Year-over-year change: -13.35%

% of Homes with negative equity: 58.5%
Homes with negative equity: 62,423

Zillow Home Value Index: $105,800
Year-over-year change: -13.35%

6. Merced, California

% of Homes with negative equity: 58.8% Homes with negative equity: 24,076 Median Home Price: $130,000 Year-over-year change: N/A
Photo: Ron Johnson

% of Homes with negative equity: 58.8%
Homes with negative equity: 24,076

Median Home Price: $130,000
Year-over-year change: N/A

5. Modesto, California

% of Homes with negative equity: 60.7% Homes with negative equity: 54,417 Zillow Home Value Index: $141,100 Year-over-year change: +7.97%
Photo: Tom Hilton

% of Homes with negative equity: 60.7%
Homes with negative equity: 54,417

Zillow Home Value Index: $141,100
Year-over-year change: -8.31%

4. Reno, Nevada

% of Homes with negative equity: 64.4% Homes with negative equity: 45,107 Zillow Home Value Index: $181,600 Year-over-year change: -12.98%
Photo: Hiroyuki Matsumoto | Getty Images

% of Homes with negative equity: 64.4%
Homes with negative equity: 45,107

Zillow Home Value Index: $181,600
Year-over-year change: -12.98%

3. Phoenix, Arizona

% of Homes with negative equity: 64.6% Homes with negative equity: 479,692 Zillow Home Value Index: $141,100 Year-over-year change: -13.90%
Photo: VisionsofAmerica | Joe Sohm | Getty Images

% of Homes with negative equity: 64.6%
Homes with negative equity: 479,692

Zillow Home Value Index: $141,100
Year-over-year change: -13.90%

2. Orlando, Florida

% of Homes with negative equity: 74.8% Homes with negative equity: 289,209 Zillow Home Value Index: $125,800 Year-over-year change: -18.07%
Photo: Glowimages | Getty Images

% of Homes with negative equity: 74.8%
Homes with negative equity: 289,209

Zillow Home Value Index: $125,800
Year-over-year change: -18.07%

1. Las Vegas, Nevada

% of Homes with negative equity: 80.6% Homes with negative equity: 254,880 Zillow Home Value Index: $131,300 Year-over-year change: -18.16%
Photo: Gerald Lord | Getty Images

% of Homes with negative equity: 80.6%
Homes with negative equity: 254,880

Zillow Home Value Index: $131,300
Year-over-year change: -18.16%