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After deep dive, West Coast homes surface
Fewest underwater since bubble burst four years ago
According to Zillow.com yesterday (June 8), West Coast metro areas have made a stunning comeback since the housing crash.
In the first quarter of 2012, when residential underwater rates were at their peaks, 31.4 percent of United States homeowners owed more on their mortgage than their homes were worth. San Diego (35.6 percent), Seattle (39.6 percent), and Portland (34.3 percent) were worse than the nation. Los Angeles (30.0 percent) and San Francisco (30.7 percent) were slightly below the national rate.
Inland Western cities were among the worst: Riverside (53.4 percent), Sacramento (51.2 percent), and Las Vegas (71.0 percent).
But look at the negative equity rate for the first quarter of this year. The West is doing much better than the nation's 12.7 percent. San Diego's underwater rate is 7.5 percent, Los Angeles' 6.6 percent, and Portland's 5.2 percent.
Two metro areas boast of negative equity rates under 5 percent: San Francisco at 4.4 percent and San Jose at 2.8 percent. West Coast median housing prices are generally higher than the nation's.
Where are underwater rates still high? Chicago is the worst among major metro areas at 20.3 percent. One western metro area is still ailing: Las Vegas at 20.2 percent.
Here's something you might be interested in.
After deep dive, West Coast homes surface
Fewest underwater since bubble burst four years ago
After deep dive, West Coast homes surface
Fewest underwater since bubble burst four years ago
According to Zillow.com yesterday (June 8), West Coast metro areas have made a stunning comeback since the housing crash.
In the first quarter of 2012, when residential underwater rates were at their peaks, 31.4 percent of United States homeowners owed more on their mortgage than their homes were worth. San Diego (35.6 percent), Seattle (39.6 percent), and Portland (34.3 percent) were worse than the nation. Los Angeles (30.0 percent) and San Francisco (30.7 percent) were slightly below the national rate.
Inland Western cities were among the worst: Riverside (53.4 percent), Sacramento (51.2 percent), and Las Vegas (71.0 percent).
But look at the negative equity rate for the first quarter of this year. The West is doing much better than the nation's 12.7 percent. San Diego's underwater rate is 7.5 percent, Los Angeles' 6.6 percent, and Portland's 5.2 percent.
Two metro areas boast of negative equity rates under 5 percent: San Francisco at 4.4 percent and San Jose at 2.8 percent. West Coast median housing prices are generally higher than the nation's.
Where are underwater rates still high? Chicago is the worst among major metro areas at 20.3 percent. One western metro area is still ailing: Las Vegas at 20.2 percent.
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