Nearly 29% of mortgaged homes underwater -Nearly half in Chicago area
Nearly 29% of mortgaged homes underwater, report finds
By Jane Hodges
A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That's up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from the second quarter but were down 4.4 percent year over year.
The rising percentage of homes with "negative equity" or "underwater" status is due largely to how long the foreclosure sale process takes rather than home value fluctuations, said Zillow chief economist Stan Humphries. Prior to the "robo-signing" scandal around foreclosures that came to light in 2010, the negative equity rate hovered in the 21 to 23 percent range, but has been in the 26 to 28 range since due to added delays in foreclosure sales. While the rate of foreclosures is dropping, the time required for foreclosures to sell has lengthened.
"We're in uncharted waters," Humphries said in an interview. "More than one in four homes underwater and about 9 percent unemployment is a recipe for more foreclosures."
more
>Nearly half of mortgages in Chicago area underwater
By Mary Ellen Podmolik
A little more than 46 percent of all single-family homes with a mortgage in the Chicago area were underwater in the year's third quarter, far more than the nation as a whole.
The percentage of homes in the Chicago area with negative equity, meaning more is owed on the mortgage than the value of the underlying property, rose 9 percent from the second quarter, according to a report scheduled to be released Tuesday by real estate website Zillow. Nationally, 28.6 percent of homes with mortgages were underwater at the end of September.
"I didn't think this was a particularly bad housing report," said Stan Humphries, Zillow's chief economist. "We are much closer to the end of the housing recession than the beginning. I still think of Chicago being more of an average case of housing recession. It's nowhere in the league of Phoenix and Vegas."
more
By Jane Hodges
A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That's up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from the second quarter but were down 4.4 percent year over year.
The rising percentage of homes with "negative equity" or "underwater" status is due largely to how long the foreclosure sale process takes rather than home value fluctuations, said Zillow chief economist Stan Humphries. Prior to the "robo-signing" scandal around foreclosures that came to light in 2010, the negative equity rate hovered in the 21 to 23 percent range, but has been in the 26 to 28 range since due to added delays in foreclosure sales. While the rate of foreclosures is dropping, the time required for foreclosures to sell has lengthened.
"We're in uncharted waters," Humphries said in an interview. "More than one in four homes underwater and about 9 percent unemployment is a recipe for more foreclosures."
more
>Nearly half of mortgages in Chicago area underwater
By Mary Ellen Podmolik
A little more than 46 percent of all single-family homes with a mortgage in the Chicago area were underwater in the year's third quarter, far more than the nation as a whole.
The percentage of homes in the Chicago area with negative equity, meaning more is owed on the mortgage than the value of the underlying property, rose 9 percent from the second quarter, according to a report scheduled to be released Tuesday by real estate website Zillow. Nationally, 28.6 percent of homes with mortgages were underwater at the end of September.
"I didn't think this was a particularly bad housing report," said Stan Humphries, Zillow's chief economist. "We are much closer to the end of the housing recession than the beginning. I still think of Chicago being more of an average case of housing recession. It's nowhere in the league of Phoenix and Vegas."
more
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix
"Early reports said a.second shooter was there. Talk of Dischord chats. Peyton Gendron was coerced…"
America In Crisis: Illegals and Drug Smugglers Have Us Beat
An inside look at how bad the situation is at the Arizona/Mexico border. This exclusive tour with retired Arizona Sheriff Mark Lamb reveals just how bad thin...
Sam Hyde Show: This is You
support the show: https://www.mde.tv/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🔥 BUY EXTREME PEACE on MDE.TV 🔥https://www.mde.tv/series/extreme-peace▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬...
“Night of Horror” Finland WWII 1939 and a Russian Massacre
It is November of 1939 and Stalin decides that the resources in the smaller nation of Finland…See More
Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix
We went to Charlie Kirk's Turning Point USA headquarters in Phoenix to talk with people who were there to pay their respects.►Join my community to get exclus...
"cheeki kea, Yes that was released on to book sites 19 hours before the tragic event and also there…"
Charlie Kirk Was Terrified Of Israel
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
"The internet is fractioned that's for sure but it never sleeps and the big question of the day…"
"It seems America has many meanings to many people. The internet has fractioned everybody. I had…"
"Cheeki kea I'm glad that the giant Moa downsized to this turkey looking land walker.!"
"I don't know what difference if any that he was also a member of Council for National Policy.…"
"I remember when they found out that the united Council of Churches worldwide had been funding…"
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network