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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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6. Detroit

#5: Detroit, Mich.Homeowners with Negative Mortgages:  45.2%

Detroit has obviously been struggling with high numbers of homes on the market and low housing prices since the Great Recession. And, relatively speaking, things aren’t getting much better. More than 45% of its homeowners are still saddled with negative mortgages, moving it up one spot on the list to sixth place.

Detroit has 375,000 houses, of which 336,000 are occupied and nearly 104,000 have mortgages. Around 45% of occupants — a common number in metro areas — are renters.

Given Detroit’s economic problems, the median household income for homeowners is unsurprisingly lower than most cities, coming in below $50,000.

Article printed from InvestorPlace Media,

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