Welcome, and thank you for visiting our website. PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment. Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate. If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential. Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.
Nationally, 12.7% of home owners with a mortgage were in negative equity, meaning they owed more on their mortgage than their homes were worth. However, negative equity is down from a peak level of 31.4% in the first quarter of 2012.
For years, Las Vegas has been the prime example of the housing bubble and bust, with nearly three quarters of mortgaged home owners underwater when the market bottomed out in in the first quarter of 2012.
But Chicago now has the highest negative equity rate among large US markets, surpassing Las Vegas in the first quarter of 2016. At its worst, Chicago had a 41.1% rate of negative equity, but its recovery has been sluggish and the negative equity rate has declined more slowly than elsewhere.
As the housing market recovered, the distribution of underwater home owners across the country has shifted. In the first quarter of 2012, the West Coast, Southeast, and Rust Belt regions had a disproportionately greater share of underwater home owners. For example, the Southeast had 20.4% of homes with a mortgage, but 24.9% of homes in negative equity.