A Third of Area Homes Underwater
(Chicago Breaking News) — The number of Chicago-area homes with negative equity in the Chicago area continued to rise in the year’s third quarter, a troubling sign for a local housing market struggling to recover. Some 32.9 percent of all local single-family detached homes with mortgages were underwater in September, meaning the homeowners owed more on the loans than the properties are worth, according to new data from realty Web site Zillow.com. That compares with 30.9 percent in June and 27.2 percent in September 2009. The report does not include data on condominiums.
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