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Top 10 Cities Underwater on Mortgages in Q3

Negative equity trended down slightly in the last three months

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10. Chicago

Homeowners with Negative Mortgages: 36.6%

In the third quarter, 36.6% of homeowners in Chicago had mortgages with negative equity, a slight improvement from the prior quarter prior when the percentage was near 40% but not enough to budge the city off the top 10 list.

Chicago is huge, and just over half of its houses are occupied by renters. Nearly 190,000 homes have a mortgage, while 20,500 have a second mortgage and nearly the same amount have home equity loans. The median household income for houses with a mortgage is decent at $77,411.

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