Over a third of Seattle area homeowners still underwater
Nov 15, 2012, 6:26 AM | Updated: Oct 10, 2024, 2:08 pm
A new report says the number of Seattle area homeowners with underwater mortgages has dropped slightly in the past three months. (AP image)
(AP image)
While the housing market continues to slowly improve, a new report says more than one third of Seattle homeowners, 34.2 percent, are still underwater and owe more money than their home is worth. But the research by Seattle-based Zillow says at least it’s an improvement from the 37.8 percent who were underwater during the previous quarter.
The Zillow report says numbers are slightly worse than the national average, with 28.2 percent of all U.S. homeowners underwater on their mortgages. That’s down from 30.9 percent during the previous quarter.
“The fall in negative equity rates means homeowners have additional options for refinancing or selling their homes,” said Zillow Chief Economist Dr. Stan Humphries in a news release. “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.”
Homeowners in Las Vegas continue to fare the worst, with 63 percent underwater, followed by by Atlanta at 50.4 percent, and Orlando, Fla. at 47.7 percent. San Jose had the lowest rates at 17.6 percent.
