Phx homeowners lifted out of underwater

Fri Feb 28, 2014 9:44 AM

Higher home prices have lifted more metro Phoenix homeowners out from underwater on their mortgages.
Only about 22 percent of Valley homeowners owe more on their mortgage than their house is worth now, according to real estate brokerage and data firm Zillow.com. That's down from a high of 36 percent during in the fall of 2011 after home prices plummeted to the lowest level during the housing crash.
But the rate isn't likely to drop by much more this year, according to real estate analysts forecasting a slower price appreciation for the region's housing market.
A breakdown of Phoenix-area underwater homeowners, and how much they owe:
-Fewer than 20 percent of homeowners underwater owe more than 42 percent of what their house is worth.
-A range of 21 to 40 percent owe 22 percent more than their house is worth.
-A range of 41 to 60 percent owe about 12 percent more than their house is worth.
-A range of 61 to 80 percent own 7 percent more than their house is worth.
-A range of 81 to 100 percent owe 4.4 percent more than their house is worth.
-About 13 percent of Valley homeowners owe more than double what their is house is currently rate.
Las Vegas has the highest negative equity rate for homeowners in the country at 35 percent.
Nationally negative equity has fallen for the past seven quarters, freeing almost 3.9 million homeowners nationwide in 2013. The U.S. rate for homeowners underwater is slightly below 20 percent.