The Portland area is among the major metros with the smallest share of underwater mortgages, thanks to rapidly rising housing prices.
Real estate data provider CoreLogic said that in the year’s third quarter, 6.6 percent of mortgaged Portland-area homes were under water, meaning mortgage debt exceeds the home’s value. Nationwide, 13 percent of homes are under water.
Homeowners with so-called “negative equity” can get back above water either by paying down mortgage debt or by appreciation in home value. In Portland, home prices (excluding foreclosures) were up 13 percent in September from a year earlier.
Read more at OregonLive.com.