27% of USA home mortgages under water

[acidhead]

February 15, 2011 http://www.timescolonist.com/business/news/4288671/story.html?tab=PHOT

The latest U.S. housing figures show that 34.3 per cent of all single-family homes in the Seattle area are negativeequity mortgages where the home is worth less than the amount owing on the mortgage, according to Zillow.com, an online real estate database and marketplace.

That's up from 23 per cent a year ago and higher than the national average, which is 27 per cent.

Eighty-two per cent of all houses in Las Vegas have negative equity, as well as 70 per cent in Phoenix and 62 per cent in Orlando, Fla., Zillow estimates.

Las Vegas 82%

Phoenix 69.9%

Orlando 61.7%

Atlanta 54%

Riverside, CAL 50.1%

Tampa, FLA 48.4%

Sacramento, CAL 46.8%

Miami 42.8%

Denver 40.8%

Chicago 38.6%

Cleveland 37.6%

Seattle 34.3%

St. Louis 33.9%

Detroit 33.3%

Portland 32%

Washington DC 26%

Baltimore 24%

San Francisco 22.6%

San Diego 21.8%

L.A. 20.2%

Philadelphia 19.6%

Boston 13.9%

http://www.vancouversun.com/business/Metro+Seattle+homes+weighed+negative+equity/4278746/story.html

Edited February 16, 2011 by acidhead

[+DieChecker]

I had heard it was bad in Las Vegas and in Phenoix. I was suprised to see Riverside and Orlando so high on the list.

I bought a home almost 2 years ago for almost 200,000 and now the neighbor can not sell his for 150,000. But, that does not matter to me, as it will only affect me if I decide to sell, which I am not. Maybe a lower appraisal could lower my property taxes though?

People who are underwater and scared are those who either took a bad loan, or took a loan as an investment. People can feel bad, but did not they sign up for their mortgage price?

Edited February 16, 2011 by DieChecker