Snap rebounds again, up 12% in a week >>> READ MORE

Top 10 Cities Underwater on Mortgages in Q3

Negative equity trended down slightly in the last three months

      View All  

5. Phoenix

Arizona House in DisrepairHomeowners with Negative Mortgages: 45.5%

Phoenix might be in the top five for the worst cities, but least it’s one spot better than it was a quarter ago. In Q3, 45.5% of its homeowners had negative equities — a drop of 6 percentage points. That was the largest improvement posted by any metropolitan area on the full list.

Last year, two-thirds of all residential mortgages were underwater as the median home price was down 53% since the bubble peaked in 2006. In fact, many were calling the area “the epicenter of the housing crisis” in 2011 — making its recent gains even more impressive, but also showing just how far Phoenix still has to go.

The Huffington Post recently listed Phoenix as the second-fastest-growing city in America, with just under a 90% increase expected by 2042. Hopefully, the housing market can get back on track as the city grows.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC