An "underwater" mortgage is when the balance of the mortgage loan is higher than the fair market value of the property. This type of situation became common following the housing market crash that occurred in the late 2000s when many homeowners saw their homes lose a considerable portion of their value.
Nearly 12% of all U.S. homes with a mortgage were considered seriously underwater during the second quarter of 2016, according to ATTOM Data Solutions, the parent company of RealtyTrac. That’s a staggering 6.7 million properties. "Seriously underwater" means the homeowner has a loan-to-value, or LTV, ratio of 125% or above.
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Top Ten Metros With the Most Underwater Homes, 2017. As if that wasn’t bad enough, many homeowners are "seriously underwater." online real estate information database realtytrac considers a homeowner seriously underwater if they owe more than 125% of the value of their home; for example, if they owed more than $125,000 on a home worth only $100,000.
Less than 10% of homes in Las Vegas are underwater, and Miami has an underwater rate of 8.7%. The appreciation of home values in the Chicago area has decreased over the years in part by crime.
Blomquist says between 2000 and 2008, the average length of time a home owners stayed put was 4.26 years. Since then, it’s been slowly rising and was 7.88 years for 2016 home sellers. That’s getting close to "double" the amount of time that homeowners are waiting to "move up". So which states have the most underwater mortgages?
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Miami leads. of mortgaged homes underwater, followed by the Tampa area with 10.2 percent; the Chicago area with 10.8 percent; the Washington, D.C. area with 7.2 percent; and the New York area with.