November 5, 2024 12:47 pm
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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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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.