Glug, glug, glug…homeowners in the US have spent years with their home values “under water.” One year ago there were approximately 10.6 million homes that were valued at an amount less than their mortgage. Great news-as of the 3rd quarter of 2013, “only” 6.4 million homes fell in that category. That’s a reduction of 40%. Across the Nation, values have increased by 12.5% from the previous year, leading to the positive change.
The percentage of homes with negative equity is lower as a percentage in most states. The number is still pulled lower by the areas where investors were riding big gains and saw the “bubble” pop in 2007. Nevada still leads the way with 32.2% of homes having negative equity, while Orlando has the dubious distinction of still being the biggest metropolitan area with negative equity at 32.3%, followed by Tampa at 30.1% and Phoenix at 23.2%