Underwater mortgage rates fall in Portland

Underwater mortgage rates fall in Portland

The negative mortgage equity rate fell in Portland, but 28% of all mortgage holders still owe more than their homes are worth, according to a report by Zillow.

The homeowners are collectively upside-down by about $7.76 billion, according to Thursday's report, which compares mortgage data from the credit reporting company TransUnion with Zillow's home-value estimates. Zillow uses sales of similar nearby homes to take a guess at a particular home's value, though accuracy on individual homes can vary.

If home prices continue to rise, more homeowners paying down their mortgage will break into positive equity, but Zillow and other forecasters expect home-price gains to slow. Still, Zillow says the "negative equity" rate will fall to at least 24.7 percent by the end of 2013.

Read more at OregonLive.com.

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