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November 16, 2012

Less Underwater Homeowners Arizona but Negative Equity Levels Remain High

Category: Published Articles – admin – 11:12 am

According to the latest report by Zillow Inc, almost 50% of homeowners throughout metro Phoenix are underwater on their home loans. This is the fifth highest rate in the country. According to the report, about 45% of homeowners in Maricopa and Pinal counties or 352,444 homes were upside-down during the third quarter, a 13%-drop from the two previous quarters when slightly more than half had negative equity in their home, the report said.

Underwater, or negative equity, is when a homeowner owes more on their mortgage than their home’s present assessed value. Zillow calculates the negative equity rate as the percentage of all houses with a mortgage balance in an area that are underwater. Arizona mortgage rates remain affordable at the national average of 3.375% on 30-year fixed loans.

One of the highest negative equity loans in the Valley was in the south Phoenix ZIP code of 85043, where 74% of homeowners were underwater in the third quarter; about 40% of those homeowners were underwater by a whopping 200 %. Read the original Biz Journal article.

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