Four Ohio cities are in the top five in the U.S. for the greatest number of seriously underwater home mortgages, according to a recent report by a real estate information service.
Jim Letizia reports.
The report by Attom Data Solutions, formerly known as RealtyTrac, shows home owners in Cleveland, Akron, Dayton and Toledo owed at least 25 percent more on their mortgage than their home's estimated value at the end of last year. Las Vegas leads U.S. cities with 23 percent of underwater homes. 13 percent of central Ohio home owners are seriously underwater, far below the 30 percent rate the firm reported in 2013. Overall, 16 percent of Ohio home owners and 10 percent in the U.S. are underwater. The firm says underwater Ohio homeowners are holding down the number of homes on the market. A high percentage are waiting until they are no longer underwater or in a better position to sell, which is contributing to the shortage of inventory. The firm expects the trend to continue through at least the end of the year.