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24 Percent of DC Homeowners Have Negative Equity

  • May 6th 2009

by Mark Wellborn

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Zillow.com announced in a recently released report that one in five U.S. homeowners owes the bank more than their home is worth. The report also noted that 23.9 percent of homeowners in the DC area have negative equity.

The news of the large percentage of “underwater” borrowers was released just days after indications that dropping prices are making homes more affordable for first-time buyers. Despite that good news, it appears that homeowners who bought a property in the last couple years with a small down payment, have almost no equity in their homes.

24 Percent of DC Homeowners Have Negative Equity: Figure 1
Courtesy of Zillow

The Zillow Real Estate Market Report, which tracks 161 metropolitan statistical areas in the U.S., also showed that home values in the country dropped for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006.

For the full report, click here.

This article originally published at https://dc.urbanturf.com/articles/blog/24_percent_of_dc_homeowners_have_negative_equity/880.

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