New research shows the worst rates of negative equity in the US | North America | News : Loan Modification Key

New research shows the worst rates of negative equity in the US | North America | News

New research shows the worst rates of negative equity in the US | North America | News

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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.

 

Curated from New research shows the worst rates of negative equity in the US | North America | News

 

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