Cleveland Metro Area Leads the U.S. in Seriously Underwater Homes
A new survey finds that four Ohio metropolitan areas have some of the biggest shares of seriously underwater homes in the country, and Cleveland tops the list.
The study by California-based ATTOM Data Solutions, defines a seriously underwater home as one with mortgage loans worth 25 percent or more than its value. The company’s senior vice president, Daren Blomquist, says Cleveland’s top ranking is not all bad news.
“The Cleveland market is improving. Home prices are going up, but they’re just not going up as quickly as in a Las Vegas or many other parts of the country. That means, even though there are fewer homeowners underwater than there were a year ago, that pace is much slower in Cleveland.”
Las Vegas previously had the biggest percentage. Akron placed third on the lsit, with Toledo and Dayton placing fifth and sixth, respectively.