Rochester ranks second best, behind Buffalo, in percentage of underwater mortgages, The Atlantic reports, using data released Wednesday by Zillow.com.
Rochester was 49th among the largest metro areas in terms of percentage of homes with underwater mortgages, or homes with mortgages with negative equity, at 13.2 percent. Buffalo ranked No. 50, at 12.3 percent.
That compares with No. 1 Las Vegas, where 68.5 percent of homes are underwater. No. 2 is Atlanta at 54.4 percent.
Most of the metro areas with the highest percentage fall in the Sunbelt—more than half of homeowners are underwater in Atlanta; Orlando; Phoenix; Riverside, Calif.; and Jacksonville, Fla.
According to the second quarter Zillow Negative Equity Report, 30.9 percent of U.S. homeowners with a mortgage are underwater—15.3 million people. Recent home value appreciation in many markets has pushed negative equity levels down from 31.4 percent last quarter.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.