Less than 20 percent of homeowners with a mortgage in the Chicago area owed more on their mortgage than their homes were worth in the year's first quarter, as slowly rising home prices continue to benefit homeowners.
During 2015's first three months, 19.1 percent of area residential properties with a mortgage, or almost 262,000 properties, were underwater, real estate data firm CoreLogic reported Tuesday. That compares with 21.9 percent of properties a year ago.
Despite the improvement, the percentage of mortgaged, underwater residential properties in Chicago's housing market was second only to Tampa-St. Petersburg-Clearwater, Fla., where 23.1 percent of properties were underwater. Also on the list of the top five markets in the worst shape were Phoenix-Mesa-Scottsdale, Ariz., at 16.9 percent; Riverside-San Bernardino-Ontario, Calif., at 13.9 percent; and Warren-Troy-Farmington Hills, Mich., at 13.4 percent.
Nationally, 10.2 percent of properties were underwater at the end of March, and rising home prices meant borrower equity rose by $694 billion year-over-year during the quarter. During the first quarter, home prices rose 2.5 percent, according to the firm.
read more: http://www.chicagotribune.com/business/breaking/ct-underwater-homeowners-0617-biz-20150616-story.html
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