January 9, 2014
IRVINE, Calif. — Even though the housing recovery is 2 years old, more than 9 million Americans owe far more on their mortgages than their homes are worth.
According to a report released today by the real-estate information firm RealtyTrac, 9.3 million, or 19 percent, of U.S. homes with mortgages are worth at least 25 percent less than the loan balance.
In Columbus, 22 percent of homes with mortgages are worth at least 25 percent less than the loan balance.
The national numbers show improvement over a year ago, when 10.9 million homes, or 26 percent of all homes with mortgages, were deeply underwater.
Nevada led the nation with 38 percent of homeowners well underwater. Ohio had the nation’s sixth-highest rate, at 26 percent.
“There are still millions of homeowners who are in such a deep equity hole that it will take years for them to regain their equity,” said Daren Blomquist, vice president at RealtyTrac.