The number of homeowners behind on their mortgage is slowing. At the end of the first quarter, more than 5.2 million properties were seriously underwater, which means the combined balance of the loans secured by the property was at least 25 percent higher than the property’s estimated market value. That marks the smallest year-over-year drop since ATTOM Data Solutions began tracking such data in the first quarter of 2013.
Read more: Equity-Rich Properties Hit Tipping Point
The 5.2 million seriously underwater properties at the end of the first quarter represents 9.5 percent of all U.S. properties with a mortgage.
The highest shares of seriously underwater properties at the end of the first quarter are in:
- Scranton, Pa.: 21.9%
- Baton Rouge, La.: 19.9%
- Youngstown, Ohio: 19.5%
- New Orleans: 18.5%
- Toledo, Ohio: 18%
Metros with populations of at least 1 million that also had more than 13 percent of seriously underwater properties were in Cleveland (16.5%); Milwaukee (16%); St. Louis (14.7%); Chicago (13.8%); Detroit (13.6%); Virginia Beach, Va. (13.4%); and Kansas City, Mo. (13.4%).
Take a look at the heat map below to view the percentage of seriously underwater properties in your market.
Source: ATTOM Data Solutions
