23,000 Fewer St Louis Homeowners Underwater at end of 2012

dennis-norman-realtorThere were 23,348 fewer St. Louis homeowners underwater on their mortgage (owe more than the current value of their home) or, in other words are in a “negative equity” position, at the end of 2012 than there were at the beginning of the year, according to the Zillow® Negative Equity Report for 4th quarter 2012.  At the end of 4th quarter 2012, 26.9 percent of St Louis homeowners with a mortgage were underwater on their mortgage, slightly lower than the national rate of 27.5 percent.

The Zillow report forecasts what is likely to happen in the current year as well with regard to homeowners with negative equity and the outlook for St Louis homeowners is not as optimistic as on the national level.  Nationally, it is forecast that the percentage of underwater homeowners will fall from 27.5 percent to 25.5 percent by the end of 2013 and for St. Louis the forecast is actually for a slight increase in the rate, going from 26.9 percent to 27.0 percent by year end.

An interesting component of the Zillow report is that it also predicts, or forecasts, what the change will be in the number of underwater homeowners in the current year. It’s forecast calls for the number of underwater mortgages to continue to decline, falling to 25.5 percent by the end of this year which, if it happens, will free nearly 1 million more homeowners from a negative equity position.

 

Metropolitan Area Q4 2012: % of Homeowners w/ Mortgages in Negative Equity # of Homeowners Freed From Negative Equity in 2012 Q4 2013: Forecasted Negative Equity Rate Minimum # of Homeowners Expected to be Freed From Negative Equity in 2013 iv
UNITED STATES 27.5% 1,908,732 25.5% 999,601
New York 19.4% 17,394 19.1% 6,513
Los Angeles 24.3% 72,936 20.0% 72,696
Chicago 36.9% 41,208 37.3% N/A
Dallas-Fort Worth, Texas 24.2% 59,461 21.3% 31,434
Philadelphia 23.8% 1,462 23.1% 7,356
Washington, DC 28.0% 45,207 25.8% 24,911
Miami-Fort Lauderdale, Fla. 39.6% 70,484 37.0% 23,674
Atlanta 49.5% 49,827 47.9% 17,255
Boston 16.9% 30,495 15.6% 10,765
San Francisco 23.3% 39,496 19.5% 25,776
Detroit 43.4% 57,396 41.4% 17,197
Riverside, Calif. 43.8% 58,417 34.5% 62,407
Phoenix 40.4% 135,099 34.8% 43,044
Seattle 33.5% 32,457 29.9% 23,441
Minneapolis-St. Paul, Minn. 34.6% 29,518 32.8% 12,808
San Diego 28.3% 31,894 23.4% 22,788
Tampa, Fla. 41.5% 34,359 40.0% 7,775
St. Louis 26.9% 23,348 27.0% N/A
Baltimore 27.7% 11,529 26.5% 6,265
Denver 20.0% 53,848 18.0% 10,509
Pittsburgh 14.0% 8,767 13.2% 3,403
Portland, Ore. 28.0% 26,355 24.7% 13,799
Sacramento, Calif. 41.7% 32,195 32.9% 33,356
Orlando, Fla. 45.3% 32,650 43.3% 7,286
Cincinnati 27.2% 16,034 26.8% 1,830
Cleveland 29.8% 13,818 29.1% 2,965
Las Vegas 59.2% 36,876 56.7% 8,435
San Jose 16.1% 17,330 13.2% 8,062
Columbus 28.8% 19,905 27.7% 3,620
Charlotte 33.0% 13,513 32.9% 325

Zillow® Negative Equity Report for 4th quarter 2012

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20 comments to 23,000 Fewer St Louis Homeowners Underwater at end of 2012

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