November 22, 2024 5:07 am
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Zillow: Phoenix underwater home rate plunges again, but remains high

underwaterBy Kristena Hansen | Phoenix Business Journal

Metro Phoenix saw the rate of the number of homeowners underwater on their mortgage plunge to 22.7 percent during the first quarter, freeing more than 102,400 homeowners from negative equity, according to the latest report from Zillow Inc. today.

That rate means there still are 175,811 Valley homeowners that owe more on their mortgages than their home is worth, essentially leaving them stuck and unable to move. That accounts for $14.8 billion in total negative equity.

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