July 24, 2014
More than 20 percent of central Ohio homeowners owe far more on their mortgage than their home is worth, according to a new report by RealtyTrac.
The real-estate information and listing service found that 21 percent of central Ohio homeowners with mortgages owed at least 25 percent more on their mortgage than the value of their home at the end of the second quarter.
That’s down from 23 percent at the end of the first quarter.
In its calculations, RealtyTrac includes any debt secured by the property, such as a mortgage or home-equity line.
Statewide, 26 percent of mortgaged homes are “underwater”; nationally, 17 percent are.