More than a third of Seattle homeowners still underwater

First the bad news: More than one third of Seattle homeowners — 34.2 percent — are underwater on their mortgages and owe more money than their home is worth. The good news is that’s down from 37.8 percent who were underwater during the previous quarter.
According to research by Seattle-based Zillow Inc. (NASDAQ: Z), Seattle is worse off than the nation, with 28.2 percent of all U.S. homeowners underwater on their mortgages, which is down from 30.9 percent during the previous quarter.
“But while we’re moving in the right direction, a substantial number of homes are still locked up in negative equity, unable to enter the existing re-sale market despite the desires of their owner,” saidStan Humphries, Zillow chief economist, in a statement.
Of the largest U.S. metropolitan areas, Las Vegas has the highest percentage of homeowners underwater (63 percent), followed by Atlanta (50.4 percent) and Orlando, Fla. (47.7 percent).

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One Response to More than a third of Seattle homeowners still underwater

  1. desireel says:

    This report is not very informed. It is basing the negative equity on “zestimates” which we know aren’t accurate. The good news is the situation is improving, but bad news about this article is that you haven’t explained to your clients what it is basing the data on.

    It caught my eye, so I looked at the whole article…

    Des

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