4. Riverside, Calif.
Homeowners 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.
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