Midwest homeowners struggle to regain home equity
Over 30% of homeowners in Ohio, Michigan, Illinois are underwater
While other states start to recover, homeowners in Ohio and other Midwestern states are struggling to regain equity in their houses, with more than 30% of mortgaged homeowners in Ohio, Michigan and Illinois owing considerably more than their homes are worth. Per The Columbus Dispatch:
In Ohio, 31% of homeowners with loans owe at least 125% more than their estimated home value, RealtyTrac said. In central Ohio, the figure is 27 percent.
In all, RealtyTrac estimates that 10.7 million homeowners, or 23% of those with mortgages, are “deeply underwater,” down from 11.3 million in May and 12.5 million last September.