Baton Rouge had the highest share of underwater properties last quarter among the largest 97 metropolitan areas in the country, according to a report released this morning by ATTOM Data Solutions.
Nationwide, more than 5.5 million properties in the nation—or one in every 10—were underwater, meaning the combined estimated balance of loans secured for the property was at least 25% higher than the property’s estimated market value.
At 21%, Baton Rouge had the highest share of underwater properties, followed by Toledo, Ohio; Scranton, Pennsylvania; Youngstown, Ohio; and New Orleans—where 18.9% of properties were underwater.
Among all U.S. states, Louisiana also had the highest share of underwater properties, at 21.7%. Illinois had the second highest, at 18.5%; followed by Missouri, 17.8%; Mississippi, 16.8%; Ohio, 16.2%.
“The share of seriously underwater properties has dropped well below 10 percent in bellwether housing markets such as California, Washington, Texas, Colorado and New York, but the underwater rate remains stubbornly high in markets where price appreciation has not been as strong during the housing recovery of the last six years,” says Daren Blomquist, senior vice president with ATTOM Data Solutions.
Read the full report.
Baton Rouge tops nation for underwater mortgages in Q2
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