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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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4. Riverside, Calif.

california houseHomeowners 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, http://investorplace.com/2012/11/top-10-cities-underwater-on-mortgages-in-q3/.

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