Fewer Homes Underwater Nationwide, But Tampa Bay Still Is The National Leader
Real estate continues its comeback nationally with fewer and fewer home owners finding themselves underwater on their mortgage. Of those that still are underwater, however, Tampa Bay leads the nation.
Of the 25 largest metro areas in the U.S., Tampa Bay maintains the highest percentage of mortgaged properties that have negative equity. Some 44% of the mortgaged homes in Tampa/St. Petersburg/Clearwater and the surrounding area are still underwater.
Miami has the dubious distinction of being ranked second in negative equity with just over 40% of mortgaged homes underwater. The Atlanta metroplex is third with just over 38%, followed closely by Phoenix at 36%, and Riverside/San Bernardina (CA) at 35%.
Data from Core Logic, who tracks all this kind of stuff, shows that homes at the higher end of the price/value spectrum are in the best financial shape, while those in the lower end of the value scale are most likely to be underwater. According to Core Logic, 86% of homes valued at $200,000 or more have some amount of positive equity while only 72% of homes valued at less than $200,000 have positive equity.
Just so you know, it is estimated that some 200,000 mortgaged homes returned to positive equity in the 4th quarter of 2012. This reflects the increase in value of real estate nationally ... that's a good thing!
What this all means is that things are improving ... even here in Tampa Bay. So, if you are thinking about buying or selling a home, this is the time.
Of the 25 largest metro areas in the U.S., Tampa Bay maintains the highest percentage of mortgaged properties that have negative equity. Some 44% of the mortgaged homes in Tampa/St. Petersburg/Clearwater and the surrounding area are still underwater.
Miami has the dubious distinction of being ranked second in negative equity with just over 40% of mortgaged homes underwater. The Atlanta metroplex is third with just over 38%, followed closely by Phoenix at 36%, and Riverside/San Bernardina (CA) at 35%.
Data from Core Logic, who tracks all this kind of stuff, shows that homes at the higher end of the price/value spectrum are in the best financial shape, while those in the lower end of the value scale are most likely to be underwater. According to Core Logic, 86% of homes valued at $200,000 or more have some amount of positive equity while only 72% of homes valued at less than $200,000 have positive equity.
Just so you know, it is estimated that some 200,000 mortgaged homes returned to positive equity in the 4th quarter of 2012. This reflects the increase in value of real estate nationally ... that's a good thing!
What this all means is that things are improving ... even here in Tampa Bay. So, if you are thinking about buying or selling a home, this is the time.
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posted by Terry Ward at 8:34 AM
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