The number of St Louis homeowners that are underwater, or have negative equity in their homes, has shown an upward trend lately, while those St Louis homeowners that are “equity rich” has trended downward. According to data just released by RealtyTrac, 17.4 percent of homeowners in the St Louis metro area were seriously underwater (meaning their mortgage balance is 125% or more of the current value of their home) during the 2nd quarter of 2015. This is showing a slight upward trend as, during the 4th quarter of 2014, just 17 percent were underwater.
As the table below shows, homeowners in the city of St Louis are in the worst shape, equity-wise with nearly one of every 4 (24.4%) housing units being seriously underwater St Charles County is in the best shape, of the counties in our core market, with just 7.4% of homeowners being seriously underwater.
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At the other end of the spectrum are equity rich homeowners, homeowners with 50 percent or more equity in their homes. Again, according to data from RealtyTrac, 14 percent of homeowners in the St Louis metro area were equity rich during the 2nd quarter of 2015. Like the number of underwater homeowners, this stat is trending the wrong direction and has fallen since the end of 2014 when 15 percent of St Louis homeowners were equity rich.
The ironic thing is, the City of St Louis, home to the highest number of underwater homeowners in the St Louis core market, is also home to the highest percentage of equity-rich homeowners.
St Louis Homeowners With Negative Equity or Equity Rich
2nd Quarter 2015 – Data Source: RealtyTrac – Copyright 2015 St Louis Real Estate News – All Rights Reserved
