Here’s some bad news for home buyers who’ve been expecting rising home values to result in a broader selection of homes coming on the market.
According to recently-released RealtyTrac data, 19% of all US homes that have a mortgage are “deeply underwater,” i.e. the amount of the mortgage exceeds the estimated market value of the home by 25% or more.
In the Chicago area, 33% of all mortgaged homes were deeply underwater in December. Among major metropolitan areas Chicago ranked behind Las Vegas (41%), Orlando, (36%), Detroit (%), Tampa (35%) and is tied with Miami (33%).
You can access the full report, which includes an extended analysis, at RealtyTrac.