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Servicing / The Ticker

Midwest homeowners struggle to regain home equity

Over 30% of homeowners in Ohio, Michigan, Illinois are underwater

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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.

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