For homeowners who bought a house with little or no money down, and who did it within the last couple of years, the equity is not there, and a report says negative equity in the Washington area is above the national average.
According to real estate data provider Zillow.com, 21.8 percent of U.S. homeowners owe the bank more than their home is worth. In the Washington region, it says 23.9 percent of homeowners have negative home equity.
In the Baltimore region, 13.7 percent of homeowners are underwater.
Home prices in the Washington market have declined 14.7 percent in the last year and are down nearly 28 percent from their peak, according to Zillow.com’s figures.
Those figures do not break out specific jurisdictions or neighborhoods, and do not include suburban Maryland.
Las Vegas led the number of homeowners with negative equity, at 67.2 percent. California, Nevada and Florida dominate the list of cities with the greatest number of homeowners with negative equity.
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