Top 10 Cities Underwater on Mortgages in Q3

Negative equity trended down slightly in the last three months

      View All  

4. Riverside, Calif.

Riverside Top 10 Cities Underwater on Mortgages in Q3Homeowners with Negative Mortgages:  47.3%

Since Phoenix moved out of the fourth spot, that left Riverside, Calif. — with 47.3% of homeowners holding underwater mortgages — to take is place. And that’s actually an improvement, considering that the number was over 50% last quarter.

But it’s still far from good.

Phoenix has 86,000 houses, with 82,000 occupied and only 43% rented. For houses with a mortgage, the median home price comes in at $79,830, while rent tends to be just over $1,000 per month on average.

Article printed from InvestorPlace Media,

©2015 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.