This Week
  • Michael Gioja is guiding information technology advances at Paychex Inc.

  • $6.8 million redevelopment project aims to help create unique neighborhood.

  • Shaina Sidoti's firm makes nutritious dishes that have helped her heal.

  • IV4 Inc. has managed to grow steadily over the years.

  • Changes to New York's estate tax have reduced the cost of dying here.

  • Area exporters starting 2014 with a sense of momentum.

Rochester ranks second best in underwater mortgages

Rochester Business Journal
August 24, 2012

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 service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google