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A quarter of Tampa Bay borrowers are still underwater on their mortgages

 
Published July 29, 2015

Although home values are rising, thousands of Tampa Bay homeowners still owe more than their property is worth.

According to RealtyTrac, 24.8 percent of all bay area borrowers are "seriously'' underwater on their homes, meaning they owe at least 25 percent more than the property's value. Only Lakeland; Cleveland; Las Vegas; Akron, Ohio; and Orlando had higher percentages of underwater homeowners in the second quarter of 2015. Nationwide, 13.3 percent of mortgaged homes were seriously underwater compared with 28.6 percent in the second quarter of 2012.

California had the most cities with "equity rich'' homeowners whose property is worth more than they owe.