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Negative equity sinking more area homeowners

February 24, 2010

Nearly a quarter of homes in the Chicago metropolitan area, or 24.2 percent, were underwater–worth less than the mortgages being paid on them at the end of the fourth quarter, according to the latest report from First American Core Logic. That was up from 21 percent at the end of the third quarter. A total of 373,483 homes in the Chicago area had negative equity, up from 324,488. Nationally, 24 percent of homes, or 11.3 million, were underwater, up from 23 percent or 10.7 million.

–Francine Knowles

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