With U.S. home values off 35% from peak to tough, about 25% of those homeowners who have mortgages are now underwater — their mortgages are greater than the value of their homes.

Zillow’s interactive map revelas what percentage of homes in your county or ZIP code are in negative equity, based on Q1 2012 data.

 

The United States of Atlantis

click for full interactive map

Zillow

Category: Digital Media, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

16 Responses to “Map: Where are homes underwater?”

  1. louiswi says:

    Isn’t it true that about 50% of all homes are owned free and clear? If so, what does that have to say about the total picture?

  2. BennyProfane says:

    No, it’s more like 30% of all homes.

  3. stonedwino says:

    So at least 25% of US Home Owners probably cannot refinance, cannot sell their home and probably can’t move either – they are screwed for the foreseeable future and have to stay put. What percentage of the population that are not currently home owners have the credit, FICO score and money set aside to even think about looking to buy a house? This is what I was talking about….when we add all the folks underwater, with bad credit, those that have been foreclosed on, the unemployed, along with the new generation that has massive student loans to pay off and in many instances can’t even get a job, forget about a well paying job – where does that leave the housing market? Who can even afford to think about buying a home and if so, would they even have the credit and money set aside to qualify for a mortgage at today’s lending standards?

    I wish BR would do a wholesale analysis putting all those data points together. What small percentage of the US population that does not own a home now would be able to afford and qualify for a mortgage to get one at this point in time? I suspect that number is so small compared to the available inventory (and shadow inventory) that the housing market in the US is doomed for the a long time to come. BR, what do you have to say? Forget about the available housing and record low mortgage rates… how many people can even qualify for a loan now? This is a point missed over and over again on Bloomberg, CNBC and the entire financial press. I have not seen this issue addressed, because all the other data points are just noise, without anyone actually crunching the numbers on affordability and how many people would even be able to qualify for a home loan today, given the financial position and current credit situation of the average American. When ever someone does crunch the numbers, I see a rude awakening…

  4. stonedwino says:

    So at least 25% of US Home Owners probably cannot refinance, cannot sell their home and probably can’t move either – they are screwed for the foreseeable future and have to stay put. What percentage of the population that are not currently home owners have the credit, FICO score and money set aside to even think about looking to buy a house? This is what I was talking about….when we add all the folks underwater, with bad credit, those that have been foreclosed on, the unemployed, along with the new generation that has massive student loans to pay off and in many instances can’t even get a job, forget about a well paying job – where does that leave the housing market? Who can even afford to think about buying a home and if so, would they even have the credit and money set aside to qualify for a mortgage at today’s lending standards?

  5. chicagosean says:

    It appears as though there are homes under Lake Michigan that are quite literally under water. (I don’t see the lake on this map, LOL)

  6. stonedwino says:

    BR: Can you do a wholesale analysis putting all those data points together. What small percentage of the US population that does not own a home now would be able to afford and qualify for a mortgage to get one at this point in time? I suspect that number is so small compared to the available inventory (and shadow inventory) that the housing market in the US is doomed for the a long time to come. BR, what do you have to say? Forget about the available housing and record low mortgage rates… how many people can even qualify for a loan now? This is a point missed over and over again on Bloomberg, CNBC and the entire financial press. I have not seen this issue addressed, because all the other data points are just noise, without anyone actually crunching the numbers on affordability and how many people would even be able to qualify for a home loan today, given the financial position and current credit situation of the average American. When ever someone does crunch the numbers, I see a rude awakening…

    ~~~

    BR: The data is available thru Zillow — knock yourself out!

  7. stonedwino says:

    Forget about the available housing and record low mortgage rates… how many people can even qualify for a loan now? This is a point missed over and over again on Bloomberg, CNBC and the entire financial press. I have not seen this issue addressed, because all the other data points are just noise, without anyone actually crunching the numbers on affordability and how many people would even be able to qualify for a home loan today, given the financial position and current credit situation of the average American. When ever someone does crunch the numbers, I see a rude awakening…

  8. BennyProfane says:

    You know, the red in that map is where, well, almost everyone in this country lives.

  9. Robert M says:

    Not to crash the party; kinkedin sent out this link. It is a graphic on social media;
    http://www.businessinsider.com/social-media-marketing-landscape-complicated-2012-5

  10. Bob A says:

    The question remains for these homeowners/occupiers. Cheaper to rent? Or keep paying on a mortgage.

    You have to live somewhere. You can hope five years from now will your house you ‘own’ may have increased in value. But you know for sure the rent you might pay instead won’t. And you can count on rent increasing every year as well while your mortgage payment will stay the same.

  11. zcarter says:

    I am underwater in Florida, with a performing account. Wells Fargo just offered me a no-cost, no-fee refinance at 112% loan-to-value, at 3.875%. I can’t help but wonder if their motivation is to “wash away” my 2008 refinance paperwork, which was probably robo-signed or they couldn’t execute a foreclosure if I stopped paying.

  12. BennyProfane says:

    @Bob A

    “And you can count on rent increasing every year as well while your mortgage payment will stay the same.”

    Really? My rent hasn’t gone up in five years. Why would rents rise if UE stays high and wages drop? It’s not automatic, you know. Deflation affects rentals, too.

  13. cognos says:

    I live in NYC… in a modest (but nicely modern apt). It costs me around $5,000 month to rent. At 2.5% on the 5/1 ARM (looks like 2.25% today)… I could buy a similar apt, being somewhat liberal on price and including bldg maintenance, taxes and then also the tax benefits of deductions…

    I would pay about HALF of my rent.

    This means the stories about real estate on a quiet come-back… places going for “more than ask” and selling quickly. I think these will continue to build. I don’t buy simply because its inconvenient… high switching costs, ties up downpayment which is 30-40% in NYC, have to maintain, care about co-0p boards and bldg rules, etc.

  14. marianlibrarian says:

    Everyone with a recent 3% down FHA loan is underwater–they can’t break even for years.

  15. judabomber says:

    @Bob A & cognos

    I live in The Northern Virginia suburbs of D.C. and my rent has not moved for six years. Zip 22314 to be specific.

    My wife and I have great credit, cash for a down payment but no reason to buy. Median household income here hasn’t budged either…tell me again why buy when I can still get 5 percent nominal return on our savings with someone who has immaculate credit at lending club?