Orlando Top for Deeply Underwater Homes

http://www.flickr.com/photos/basicgov/

Metro Orlando came out as one of the highest areas for homes that are deeply underwater.

A report out this morning from RealtyTrac shows that in the four county Central Florida area 43% of homes are deeply underwater.

These are homes where the loan to value ratio is 125 percent or above, meaning the homeowner owes at least 25 percent more than the estimated market value of the property.

The only metro areas that have a higher percentage of homes deeply underwater are Vegas at 49% and Lakeland at 50%.

As a state we aren’t doing much better. Florida has nearly twice as many deeply underwater homes as any other state. Florida has 2,075,484 homes that are deeply underwater.

When comparing as a percentage of total homes, Florida is tied for second at 40% with Illinois. Topped only by Nevada at 46%. The national average is 23%.

The inverse, as you would imagine, is also true. The Orlando area and Florida as a whole don’t fair to well when it comes to equity rich homes. In Orlando only 9% of homes have loan to value ratio of 50 percent or lower, meaning the homeowner had at least 50 percent equity. Again, Vegas and Lakeland are the only two metro areas analyzed that have a lower percentage of homes that are equity rich. The national average is 16% and for Florida 12% of homes are equity rich.

The report analyzed homeowners with mortgages for the beginning of September. The metro level data is only for the top 97 major metro areas.

Here’s an infographic with more information from the report:

RealtyTracSept13

Photo by flickr user basicgov

 

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