A new report released overnight shows Detroit with many homeowners underwater when it comes to their residence, equity and property value.
Six of the 17 zip codes from the report are from Detroit.This report was released by Attom Data Solutions which publishes a quarterly U.S. Home Equity and Underwater Report.
In short, underwater means you owe more money to pay off the home than it’s worth. Likely after you purchased the home, the value dropped at a faster rate than the rate at which you were paying it off.
Many saw their homes go under following the housing market crash that occurred in the late 2000s.
The six zip codes here in Detroit that -- according to the report -- have underwater rates of 66 percent or higher: 48235, 48228, 48224, 48227, 48205, and 48219.