Zillow’s Negative Equity Report found that approximately 15.7 million U.S. homeowners owed more on their homes than what they were currently worth. This averages to about one-third of homeowners in the country.
According to DSNews, the report “looks at current outstanding loan amounts for individual owner-occupied homes and compares them to those homes’ current estimated values.”
Florida joined Arizona, Georgia, and Michigan as the states with the highest percentage of underwater mortgages. Orlando, with 53.9 percent, was amongst the highest metro areas with homeowners carrying underwater mortgages.
Close to 40 percent of homeowners in the nation owe between 1 and 20 percent more than the actual value of their home, while an additional 21 percent owe anywhere from 21 to 40 percent more. About 2.4 million homeowners owe twice as much as what their homes are worth.
Remember, there are alternatives to “treading water” in these situations. For over six years, we have helped people in these exact situations as Central Florida real estate experts. Don’t hesitate to give us a call today to see if we can help you in the same way!