We’re past the housing crisis, right? According to the second quarter Zillow Negative Equity Report, a lot of homeowners are still feeling the crunch. Five years into the housing recovery, and 12.1 percent of mortgaged homeowners are underwater, according to the website’s research team.
- The report found that 12.1 percent of U.S. mortgage homeowners were underwater in the second quarter of 2016, down from 14.4 percent a year ago and 12.7 percent from the previous quarter.
- Areas in the west, such as San Jose, San Francisco, Portland and Denver had less than a 5 percent negative equity rate in the second quarter of 2016.
- Midwestern cities Cleveland and Detroit had the biggest gap between underwater homeowners in the suburbs and urban centers, at 13.6 percent and 10.8 percent, respectively.