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St Louis Real Estate Search

Over 1 in 4 St Louis Homeowners With A Mortgage Are Underwater

St Louis homeowners underwaterSlightly over 1 of every 4 (26.4 percent) St Louis homeowners with a mortgage are underwater or, in other words, in a negative equity position owing more on their mortgage than their home is currently worth, according to a report by Zillow.  This is slightly higher than the national rate of 25.4 percent and, unfortunately, is predicted by Zillow to increase in the coming months to about 26.7 percent by January 2014.

In addition to the St Louis homeowners that are underwater, the report indicates that another 20.7 percent of the St Louis homeowners with a mortgage have less than 20 percent equity in their homes, putting them at risk of going into a negative equity position if prices fall.

Things are still much better here in St Louis than in many places though.  For example, in Las Vegas, over 50 percent  (54.3%) of the homeowners there with a mortgage are underwater.  The complete table listing all metro areas covered in the report is below:

 

Metropolitan Area Q1 2013: % of Homeowners w/Mortgages in Negative Equity Q1 2013: “Effective” Negative Equity Rate, Including Homeowners w/ 20% or Less Equity Q1 2014: Forecasted Negative Equity Rate Minimum # of Homeowners Expected to be Freed from Negative Equity by Q1 2014[iii]
 UNITED STATES 25.4% 43.6% 23.5% 1,494,051
New York 19.0% 33.4% 19.7% N/A
Los Angeles 21.3% 36.8% 15.7% 94,642
Chicago 36.1% 51.6% 37.2% N/A
Dallas-Fort Worth 20.4% 46.7% 17.1% 35,268
Philadelphia 22.7% 40.9% 22.5% 1,908
Washington 26.6% 44.5% 25.8% 9,463
Miami-Fort Lauderdale 37.0% 50.0% 34.5% 24,046
Atlanta 47.6% 64.1% 46.2% 14,343
Boston 15.9% 33.9% 15.4% 3,619
San Francisco 20.9% 34.7% 16.2% 32,302
Detroit 40.1% 53.7% 37.4% 23,026
Riverside 39.7% 59.7% 28.6% 74,693
Phoenix 35.9% 53.0% 29.2% 51,580
Seattle 31.2% 48.9% 25.4% 38,280
Minneapolis-St. Paul 30.3% 49.8% 27.2% 21,575
San Diego 24.7% 43.5% 19.0% 26,430
Tampa 39.3% 53.4% 36.9% 12,550
St. Louis 26.4% 47.1% 26.7% N/A
Baltimore 27.1% 45.0% 27.0% 976
Denver 16.9% 41.5% 14.6% 12,029
Pittsburgh 13.2% 28.8% 12.7% 2,076
Portland 25.5% 45.2% 22.2% 14,007
Sacramento 37.5% 55.8% 26.8% 40,001
Orlando 41.8% 57.1% 38.2% 13,448
Cincinnati 26.1% 48.7% 24.9% 5,118
Cleveland 28.1% 46.6% 27.4% 2,860
Las Vegas 54.3% 71.5% 48.6% 19,262
San Jose 13.5% 26.0% 10.0% 9,774
Columbus 28.4% 51.2% 27.0% 4,863
Charlotte 31.5% 54.4% 32.2% N/A

Source: Zillow

 

 

 

 

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