Underwater Homes, the Top 20 Cities
The scariest number for anyone invested in the real estate market is this: 23.2%.
That's the record-high share of mortgages that are now underwater, as estimated by Zillow.
Negative equity is the prime factor driving a record number of mortgage holders into delinquency.
Delinquencies will lead to foreclosures, which will drive down home prices, creating more negative equity - a very dangerous cycle.
The top 20 cities in terms of percentage of houses with negative equity:
20. Vero Beach, FL -- 43.4%
19. Melbourne, FL -- 43.7%
18. Sarasota, FL -- 46.3%
17. Tuscon, AZ -- 46.4%
16. Tampa, FL -- 46.8%
15. Riverside, CA -- 48.1%
14. Jacksonville, FL -- 48.2%
13. Bakersfield, CA -- 48.3%
12. Merced, CA -- 49.7%
11. Vallejo, CA -- 51.3%
10. Fort Myers, FL -- 51.6%
9. Port St. Lucie, FL -- 52.1%
8. Lakeland, FL -- 53.7%
7. Modesto, CA -- 53.9%
6. El Centro, CA -- 55.1%
5. Stockton, CA -- 57.5%
4. Orlando, FL -- 64.2%
3. Reno, NV -- 64.4%
2. Phoenix, AZ -- 68.4%
1. Las Vegas, NV -- 80.2%
Peace in the Neighborhood is posssible with Mortgage Note Reduction
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