Two of five homes ‘underwater’ in region
Sacramento has a large portion of “underwater homes” but interest in distressed property form homebuyers and investors means the region has a lower supply of such homes than many other areas of the country.
That’s evident in a report released Wednesday from real estate information firm CoreLogic, which compared distressed residential property among the nation’s top 25 markets.
Sacramento ranked near the bottom when accounting for homes where owners owe more on their mortgages than the homes are worth. According to the firm, 42.4 percent of the region’s homes are underwater. But just seven of the metropolitan areas had a shorter supply than Sacramento’s 15.9-month supply of distressed homes.
The region with the largest share of underwater homes was Las Vegas, where 71.6 percent have mortgage balances higher than the property value. Suburban Detroit and Atlanta each had a 33-month supply of distressed property, the most among the top 25 markets.
The information comes from data from November.
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