Top 10 Cities Underwater on Mortgages in Q3

Negative equity trended down slightly in the last three months

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7. Sacramento, Calif.

california houseHomeowners with Negative Mortgages:  44.7%

Sacramento, Calif., was the sixth-worst city for underwater mortgages last quarter, but improved to seventh this quarter. The rate fell by nearly 5 percentage points, coming in at 44.7%.

Sacramento, like Miami, has a relatively large proportion of renters: half of the 155,000 occupied houses. The city has 54,000 housing units with a mortgage, while nearly 9,000 have a second mortgage.

The median household income for homeowners is $79,247.


Article printed from InvestorPlace Media, http://investorplace.com/2012/11/top-10-cities-underwater-on-mortgages-in-q3/.

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