Large Percentage of Houses in San Diego Underwater…
Wednesday, September 2nd, 2009 blog, Loan Modification Trends by seidel.phyllisTrying to catch up on the information out there. Here is the SD UT article about San Diego’s situation:
On Aug. 5, Deutsche Bank raised eyebrows across the country when it said 48 percent of all Americans holding mortgages — 25 million households — could be underwater by early 2011. The San Diego metro area was projected to hit the 51 percent underwater mark.
But First American CoreLogic said last week that the problem is improving, not worsening, nationally. The proportion of properties likely to be underwater dropped from 32.5 percent in March to 32.2 percent in June.
The San Diego-area figure was placed at 42.6 percent, 39th-highest among 207 metro areas studied and 12th among the 51 areas in the study with population over 1 million people.
The company estimated the aggregate value of underwater homes in the San Diego area at $91.8 billion. Los Angeles ranked first with more than $310 billion in underwater home values.
Negative Home Equity
Click here for the story
