The number of underwater residential properties is declining nationally, but a new report shows Ohio is still in the top six.
The latest RealtyTrac U.S. Home Equity & Underwater report shows 9.3 million U. S. residential properties were deeply underwater, meaning, they are worth at least 25% less than the combined loans secured by the property.
States with the highest percentage of residential properties deeply underwater in December were:
Daren Blomquist, vice president at RealtyTrac says, there are still millions of homeowners who are in such a deep equity hole that it will take years for them to regain their equity."
There is some good news
The number of foreclosures deeply underwater is declining and 31% of all residential properties in the foreclosure process had some positive equity, up from 24% with equity in September. A local realtor also sees evidence of increasing home values. Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton markets, says, "As we enter 2014 we are expecting the rate of appreciation to outpace what we have experienced the past two years, which will provide consumers the added value and reason to enter the home market in 2014."
Fourteen percent of Indiana residential properties are deeply underwater. The number is 11% in Kentucky.