- Associated Press - Monday, June 15, 2015

TAMPA, Fla. (AP) - Despite rising values, nearly 100,000 Tampa Bay borrowers still owe more than their homes are worth.

The Tampa Bay Times reports (https://bit.ly/1e8OePy) that as of the end of March, almost one in five bay area homes with mortgages had negative equity

And almost 60 percent of those were so under water that the owners owed more than 120 percent of the home’s value.

That means values would have to rise more than 20 percent for the owners to have any chance of breaking even on a sale.

Nationwide, low-end homes are more than three times as likely to be in negative equity as high end-homes, a trend that is hurting the housing recovery.

Experts say the logjam at the bottom is having ripple effects throughout the market.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide