32.3% of Portland-area homes with mortgages are underwater, meaning they are worth less than is owed on their mortgage.
32.3% of Portland-area homes with mortgages are underwater, according to new numbers released by Zillow.
The Seattle-based real estate website said 32.3% of Portland mortgage holders owed more than their homes were worth in the year’s third quarter. That’s down from 33.1% reported in the second quarter.
The decrease is mostly due to underwater homes being foreclosed, Zillow Chief Economist Stan Humphries said. Home values, meanwhile, stayed relatively flat for the quarter, preventing more homes from slipping underwater.
Nationally, 28.6% of homeowners are underwater on their mortgage.
Read more at OregonLive.com.
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