Zillow also calculated an “effective” negative equity rate of 34.8%, which includes homeowners who have less than 20% equity in their homes. The “effective” rate is down from 36.9% a year ago.
Of the 35 largest U.S. metropolitan areas, the following had the highest negative equity rates at the end of the second quarter:
- Atlanta, 28.9%
- Las Vegas, 27.4%
- Chicago, 27.1%
- Orlando, 24.9%
- Tampa, 23.7%
- Detroit, 23.2%
Those with the lowest rates were:
- San Jose, 4.6%
- San Francisco, 8.2%
- Austin, 8.3%
- Houston, 8.4%
- Los Angeles, 9.3%
Based on mortgage-holders ages, some 19.6% of Gen-X (ages 20 to 34) homeowners are underwater, compared with 18.7% of those ages 35 to 49 and 10.9% of those between the ages of 50 and 64.
ALSO READ: Detroit’s Housing Market Has Never Recovered
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