More U.S. properties ‘seriously underwater’

IRVINE, Calif. – May 9, 2019 – ATTOM Data Solutions’ Q1 2019 U.S. Home Equity & Underwater Report finds an increase in properties that are seriously underwater – ones in which the amount owed on one or more mortgages is at least 125 percent of the property’s value.

In Florida, most cities have a seriously underwater rate between 10 and 20 percent, though ATTOM found that Jacksonville has a rate of 32.8 percent. ATTOM’s interactive map with county-by-county details is posted online.

Nationwide, more than 5.2 million U.S. properties were seriously underwater in the first quarter (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value), up by more than 17,000 properties from a year ago.

The 5.2 million seriously underwater properties at the end of Q1 2019 represented 9.1 percent of all U.S. properties with a mortgage, up from 8.8 percent in the previous quarter but down from 9.5 percent in Q1 2018

Source:  © 2019 Florida Realtors®

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