More homeowners in Chicago area upside down on mortgages
BY FRANCINE KNOWLES Business Reporter email@example.com March 19, 2013 10:28AM
Updated: March 19, 2013 12:58PM
More homeowners were underwater on their mortgages in the Chicago metropolitan area in fourth quarter of last year, running counter to improvement nationally, according to the latest report from CoreLogic.
In the Chicago area, 33.3 percent, or 506,838 homes with mortgages had negative equity, meaning homeowners owed more on their homes than their property was worth. That was up from 29.6 percent, or 451,250 homes, in the third quarter.
An additional 5 percent, or 76,064 homes, were in near negative equity for the fourth quarter, compared to 4.7 percent, or 71,104, in the third quarter of 2012.
Statewide, 28.4 percent of homes had negative equity, the sixth highest rate nationally.
Across the country, 21.5 percent of all homes, or 10.4 million were in negative equity, down from 22 percent or 10.6 million in the third quarter.
Nevada had the highest percentage of mortgaged properties in negative equity with 52.4 percent, followed by Florida with 40.2 percent and Arizona with 34.9 percent.
“The scourge of negative equity continues to recede across the country,” Anand Nallathambi, CoreLogic president and chief executive officer, said in a statement. “There is certainly more to do, but with fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen.”