“Underwater” Mortgages On The Decline
A new report on Minnesota’s real estate market shows the percentage of homeowners considered “seriously underwater” remains well below the national average.
The firm RealtyTrac says about 61,000, or 9-percent of the homeowners in the state currently owe at least 25-percent more than their homes are worth. The national average is around 17-percent.
While the national figure seems high, that’s the lowest it has been in two years.
The report also shows but 20-percent of Minnesota homeowners are considered “equity rich,” which means they have at least 50-percent equity in their home.