Rising home prices mean fewer homes in San Diego are “underwater” than the national average, with only 10 percent of local homeowners having negative equity in the second quarter, according to a report Wednesday by the online real estate firm Zillow.
Nationally 17 percent of U.S. homeowners with mortgages — a total of 8.7 million — were still underwater on their mortgage in the second quarter of 2014, Zillow said. The national housing market is still recovering from the recession that began in 2008.
Here are the metropolitan areas with the lowest percentage of homes underwater:
- San Jose – 4.6 percent
- Austin – 8.3 percent
- Houston – 8.4 percent
- Los Angeles – 9.3 percent
- Denver – 9.7 percent
- San Diego – 10.0 percent
Of the 35 largest metros covered by Zillow, more than one-fourth of homeowners in Atlanta (28.9 percent), Las Vegas (27.4 percent) and Chicago (27.1 percent) were still underwater on their homes at the end of the second quarter.
Nationally, millennial homeowners held 19.6 percent of all underwater mortgages while Generation X held 18.7 percent and Baby Boomers held 10.9 percent, Zillow reported.
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