New Report Shows Homeowners Have A Lot of Negative Equity
A new report from the Government Accountabilty Office (GAO) examines how many homeowners in the country have negative equity and the news is not good, even in DC.
Using Case-Shiller data, the report estimated the number of active nonprime borrowers whose homes are underwater in 16 metro areas, according to The Wall Street Journal Developments blog. The list was led by the usual suspects, Las Vegas (94%), Phoenix (89%) and Miami (86%) with the percentage referring to borrowers who are still current on their loans, but have negative equity. However, DC was not far behind with 64% of borrowers with negative equity.
The overall numbers are a touch depressing. From Developments:
In the markets (that the report examined), more borrowers who bought new homes, as opposed to refinancing their mortgage, ended up with negative equity. Around 68% of borrowers who took out a new loan to buy a house have negative equity, versus 55% of borrowers who refinanced and took cash out of their home and 50% of borrowers who refinanced but didn’t take out any cash.
To read the whole report, click here.
See other articles related to: national trends
This article originally published at http://dc.urbanturf.com/articles/blog/new_report_shows_homeowners_have_a_lot_of_negative_equity/1684
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1 Comment
Great article with one small error - GAO stands for Government Accountability Office, not Government Accounting Office.