Sunshine + Mortgages = Depressing

18 Oct

16% of U.S. homeowners are “under water”: they owe more in mortgages than their homes are worth. This compares with 6% the year before and 4% in 2006. For those who purchased their homes in the last 5 years, the numbers are even worse — 29% owe more than the current value of their homes.

The 5 hardest-hit areas are all Sunbelt cities:

Metro Area New (<5 yrs) buyers “under water” Price change since peak
Las Vegas, NV 56% -31.5%
San Diego, CA 51.3% -32.4%
Miami, FL 44.6% -26.9%
Phoenix, AZ 40.1% -28.9%
Los Angeles, CA 39.9% -31.3%

SOURCE: The Wall Street Journal, October 8, 2008

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Posted by on October 18, 2008 in Economic News



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