The Cities Most Underwater

For individual homeowners, being “underwater” on a mortgage – when a home is worth less than outstanding debt, or has “negative equity” – is one of the worst positions to be in, short of foreclosure., a firm that compiles US real estate and mortgage information, has put together a list of the 156 largest metro areas that includes statistics on median home values, market changes and the proportion of homes with negative equity.Included in the data is the “,” which represents the median measure of Source: Zillow.com

For individual homeowners, being “underwater” on a mortgage – when a home is worth less than outstanding debt, or has “negative equity” – is one of the worst positions to be in, short of foreclosure.



Zillow.com- a firm that compiles US real estate and mortgage information - has put together a list of the 156 largest metro areas that includes statistics on median home values, market changes and the proportion of homes with negative equity.



Included in the data is the “Zillow Home Values Index,” which represents the median measure of home valuations. According to Zillow’s Q3 report, the current median US home price is $190,414, down 6.9% from a year earlier. Almost one in five - 21% - of US homes are underwater, although this number has dropped from 23% from the second quarter of this year.



So, which metro areas have the highest proportion of homes underwater? Click ahead for the results. Full Story: Underwater Mortgages Could Sink Even Deeper By Paul ToscanoPosted 16 Nov 2009



15. Tampa-St. Petersburg-Clearwater, Fla.

% of Homes with negative equity: 47.5%Homes with negative equity: 255,793Zillow Home Value Index: $126,593Year-over-year change: -16.6%Last time market was at current levels: Aug 2003Change from market peak: -41.2% Photo: Christopher Hollis

% of Homes with negative equity: 47.5%

Homes with negative equity: 255,793



Zillow Home Value Index: $126,593

Year-over-year change: -16.6%



Last time market was at current levels: Aug 2003

Change from market peak: -41.2%



Complete Breakdown of this City's Market from Zillow.com



14. Bradenton-Sarasota-Venice, Fla.

% of Homes with negative equity: 48.2%Homes with negative equity: 73,422Zillow Home Value Index: $155,299Year-over-year change: -14.3%Last time market was at current levels: Nov 2002Change from market peak: -49.2% Photo: Jesse Yoder

% of Homes with negative equity: 48.2%

Homes with negative equity: 73,422



Zillow Home Value Index: $155,299

Year-over-year change: -14.3%



Last time market was at current levels: Nov 2002

Change from market peak: -49.2%



Complete Breakdown of this City's Market from Zillow.com



13. Lakeland-Winter Haven, Fla.

% of Homes with negative equity: 49.2%Homes with negative equity: 51,927Zillow Home Value Index: $112,381Year-over-year change: -19.4%Last time market was at current levels: July 2004Change from market peak: -39.7%

% of Homes with negative equity: 49.2%

Homes with negative equity: 51,927



Zillow Home Value Index: $112,381

Year-over-year change: -19.4%



Last time market was at current levels: July 2004

Change from market peak: -39.7%



Complete Breakdown of this City's Market from Zillow.com



12. Bakersfield, Calif.

% of Homes with negative equity: 50.4%Homes with negative equity: 64,383Zillow Home Value Index: $135,992Year-over-year change: 19.5%Last time market was at current levels: Dec 2003Change from market peak: -50.6% Photo: Bobak Ha'Eri

% of Homes with negative equity: 50.4%

Homes with negative equity: 64,383



Zillow Home Value Index: $135,992

Year-over-year change: 19.5%



Last time market was at current levels: Dec 2003

Change from market peak: -50.6%



Complete Breakdown of this City's Market from Zillow.com



11. Riverside-San Bernardino-Ontario, Calif.

% of Homes with negative equity: 58.5%Homes with negative equity: 397,634Zillow Home Value Index: $189,121Year-over-year change: -21.8%Last time market was at current levels: Dec 2002Change from market peak: -53.0% Photo: Getty Images

% of Homes with negative equity: 58.5%

Homes with negative equity: 397,634



Zillow Home Value Index: $189,121

Year-over-year change: -21.8%



Last time market was at current levels: Dec 2002

Change from market peak: -53.0%



Complete Breakdown of this City's Market from Zillow.com



10. Cape Coral-Fort Myers, Fla.

% of Homes with negative equity: 60.5%Homes with negative equity: 82,457Zillow Home Value Index: $120,261Year-over-year change: -26.7%Last time market was at current levels: Oct 2001Change from market peak: -59.9% Photo: ReignMan

% of Homes with negative equity: 60.5%

Homes with negative equity: 82,457



Zillow Home Value Index: $120,261

Year-over-year change: -26.7%



Last time market was at current levels: Oct 2001

Change from market peak: -59.9%



Complete Breakdown of this City's Market from Zillow.com



9. Vallejo-Fairfield, Calif.

% of Homes with negative equity: 61.1%Homes with negative equity: 46,353Zillow Home Value Index: $216,918Year-over-year change: 20.1%Last time market was at current levels: Jan 2001Change from market peak: -54.2% Photo: Coolcaesar

% of Homes with negative equity: 61.1%

Homes with negative equity: 46,353



Zillow Home Value Index: $216,918

Year-over-year change: 20.1%



Last time market was at current levels: Jan 2001

Change from market peak: -54.2%



Complete Breakdown of this City's Market from Zillow.com



8. Orlando-Kissimmee, Fla.

% of Homes with negative equity: 62.3%Homes with negative equity: 239,759Zillow Home Value Index: $137,301Year-over-year change: -23.6%Last time market was at current levels: Jun 2003Change from market peak: -46.5% Photo: Peter Dutton

% of Homes with negative equity: 62.3%

Homes with negative equity: 239,759



Zillow Home Value Index: $137,301

Year-over-year change: -23.6%



Last time market was at current levels: Jun 2003

Change from market peak: -46.5%



Complete Breakdown of this City's Market from Zillow.com



7. Reno-Sparks, Nev.

% of Homes with negative equity: 62.4%Homes with negative equity: 43,703Zillow Home Value Index: $192,883Year-over-year change: -19.4%Last time market was at current levels: Apr 2003Change from market peak: -46.2% Photo: Warren B.

% of Homes with negative equity: 62.4%

Homes with negative equity: 43,703



Zillow Home Value Index: $192,883

Year-over-year change: -19.4%



Last time market was at current levels: Apr 2003

Change from market peak: -46.2%



Complete Breakdown of this City's Market from Zillow.com



6. Port St. Lucie, Fla.

% of Homes with negative equity: 62.5%Homes with negative equity: 60,108Zillow Home Value Index: $121,240Year-over-year change: -19.1%Last time market was at current levels: Sept 2002Change from market peak: -52.1% Photo: Joe Shlabotnik

% of Homes with negative equity: 62.5%

Homes with negative equity: 60,108



Zillow Home Value Index: $121,240

Year-over-year change: -19.1%



Last time market was at current levels: Sept 2002

Change from market peak: -52.1%



Complete Breakdown of this City's Market from Zillow.com



5. Phoenix-Mesa-Scottsdale, Ariz.

% of Homes with negative equity: 63.5%Homes with negative equity: 470,923Zillow Home Value Index: $148,501Year-over-year change: -22.2%Last time market was at current levels: Jul 2003Change from market peak: -47.2% Photo: Wjhonson

% of Homes with negative equity: 63.5%

Homes with negative equity: 470,923



Zillow Home Value Index: $148,501

Year-over-year change: -22.2%



Last time market was at current levels: Jul 2003

Change from market peak: -47.2%



Complete Breakdown of this City's Market from Zillow.com



4. Stockton, Calif.

% of Homes with negative equity: 66.9%Homes with negative equity: 74,939Zillow Home Value Index: $154,501Year-over-year change: -24.8%Last time market was at current levels: Oct 2000Change from market peak: -62.4% Photo: Inman News

% of Homes with negative equity: 66.9%

Homes with negative equity: 74,939



Zillow Home Value Index: $154,501

Year-over-year change: -24.8%



Last time market was at current levels: Oct 2000

Change from market peak: -62.4%



Complete Breakdown of this City's Market from Zillow.com



3. Modesto, Calif.

% of Homes with negative equity: 70.4%Homes with negative equity: 63,099Zillow Home Value Index: $141,045Year-over-year change: -22.7%Last time market was at current levels: Jan 2001Change from market peak: -61.4% Photo: Tom Hilton

% of Homes with negative equity: 70.4%

Homes with negative equity: 63,099



Zillow Home Value Index: $141,045

Year-over-year change: -22.7%



Last time market was at current levels: Jan 2001

Change from market peak: -61.4%



Complete Breakdown of this City's Market from Zillow.com



2. Merced, Calif.

% of Homes with negative equity: 72.2%Homes with negative equity: 29,580Zillow Home Value Index: $96,340Year-over-year change: -38.9%Last time market was at current levels: Oct 1998Change from market peak: -72.0% Photo: Ron Johnson

% of Homes with negative equity: 72.2%

Homes with negative equity: 29,580



Zillow Home Value Index: $96,340

Year-over-year change: -38.9%



Last time market was at current levels: Oct 1998

Change from market peak: -72.0%



Complete Breakdown of this City's Market from Zillow.com



1. Las Vegas-Paradise, Nev.

% of Homes with negative equity: 81.1%Homes with negative equity: 257,683Zillow Home Value Index: $134,601Year-over-year change: -31.6%Last time market was at current levels: Apr 2001Change from market peak: -55.7% Photo: Matze Ott