About 45 percent of Valley homeowners — or 352,444 homes — were underwater during the third quarter, a 13 percent drop from the two previous quarters when slightly more than half were underwater, according to Zillow Inc.
Maricopa and Pinal counties’ ranking was based on Zillow’s analysis of the top 30 largest metropolitan areas, Phoenix Business Journal reported.
The highest negative equity was Las Vegas’ staggering 63 percent, but down from 68.5 percent in the previous quarter.
The nationwide negative equity rate for the third quarter was 28.2 percent, or slightly more than 14 million underwater homeowners. That’s down from the previous quarter’s 31 percent negative equity, or 15.3 million homeowners, the report said.
Zillow officials attributed the negative equity decline to an increase in mortgage refinances and rising home values in recent months.