Nearly 12% of all U.S. homes with a mortgage were considered seriously underwater during the second quarter of 2016, according to ATTOM Data Solutions, the parent company of RealtyTrac. That’s a staggering 6.7 million properties.
“Seriously underwater” means the homeowner has a loan-to-value, or LTV, ratio of 125% or above. In other words, they owe at least 25% more than the estimated market value of their property.
We count down to the city with the highest percentage of seriously underwater homes.