What's Hot: RFK Stadium Cleared For Demolition | Airbnb Unveils Icons
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 https://dc.urbanturf.com/articles/blog/new_report_shows_homeowners_have_a_lot_of_negative_equity/1684.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
A regular inclusion as one of DC's most expensive housing markets, Georgetown remains... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro