The Kansas City area is burdened with one of the nation’s highest percentages of “seriously underwater” home loans, according to a new report.
ATTOM Data Solutions, the new parent company of RealtyTrac Inc., reported that, during the second quarter of this year, 21.2 percent of Kansas City-area homeowners with mortgages are seriously underwater, meaning the homeowners owed at least 25 percent more on their homes than the homes’ estimated market value.
Among 88 metropolitan statistical areas analyzed for the report, those with the highest share of seriously underwater properties were Cleveland (27.5 percent); Las Vegas (25.7 percent); Akron, Ohio (24.9 percent); Dayton, Ohio (24.1 percent); and Toledo, Ohio (23.6 percent).
Kansas City ranked ninth-worst on the list. St. Louis was in better but still poor shape with 17.8 percent of homeowners seriously underwater.
The Q2 2016 U.S. Home Equity and Underwater Report cited a total of 6,666,622 seriously underwater properties, representing 11.9 percent of all U.S. properties with a mortgage — down from 12 percent in the previous quarter and down from 13.3 percent in the second quarter of 2015.
“Rising home prices are lifting all home equity boats: bailing out seriously underwater homeowners and enriching homeowners who already have positive equity,” Daren Blomquist, senior vice president at ATTOM Data Solutions, said in a release. “Nationwide home prices reached a new all-time high in June on the heels of 52 consecutive months of annual increases. While that national trend is consistent in most markets across the country, there are still some local markets and sub-markets that have been largely left behind by the housing recovery and which still have a high percentage of underwater homeowners.”
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