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A blog about the economy and the Sacramento-area real estate market.

May 10, 2010
Report: 45 percent of Sacramento mortgages are underwater

The number of Sacramento-area homes that are underwater appears to have stabilized 20081128__20081130_k01_bz30underwaterp1.jpgat about 45 percent, according to a  new report this morning from CoreLogic(formerly known as First American CoreLogic).

The firm, which tracks 47 million U.S. properties, said 44.8 percent of homeowners with a mortgage in Sacramento, El Dorado, Placer and Yolo counties owed more in the first quarter of 2010 than their homes are worth.

That's roughly the same as much of the third quarter, according to the firm. It's an indicator, according to another report today from online home value calculator Zillow.com, that home prices appear to be bottoming out in California.

CoreLogic said said 24 percent of all homes in the U.S. are underwater. In California, 34 percent are in that condition.

The worst market is Las Vegas, with 70 percent of mortgaged properties being underwater. The next three are all neighbors of ours - Stockton, where 65 percent are underwater, Modesto - 62 percent,  and Fairfield-Vallejo - 60 percent. Phoenix rounds out the top five with 58 percentof mortgaged homeowners being underwater.

Image courtesy of altergroup.com


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