Top 10 Cities Underwater on Mortgages in Q3

Negative equity trended down slightly in the last three months

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8. Tampa, Fla.

Tampa Top 10 Cities Underwater on Mortgages in Q3Homeowners with Negative Mortgages:  43.2%

For the eighth spot, we’re still in sunny Florida. In the third quarter, 43.2% of homeowners in Tampa had mortgages with negative equity. That was around 3 percentage points better than in Q2, but not enough to change its eighth-place ranking.

Earlier in the year, a quarterly Consumer Distress Index listed the city as the most distressed major metro area. As The Tampa Bay Times put it: “No other major metropolitan area is as stressed out as Tampa Bay when it comes to combined factors … most significantly, a lousy housing market.”

Tampa has 136,000 houses, with nearly 45,000 having mortgages. The median household income for houses with a mortgage is below $70,000.

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