Report: 29.4% of Providence area homes ‘underwater’

IN THE PROVIDENCE-FALL RIVER-NEW BEDFORD area, Providence County had the highest percentage of underwater homeowners. For a larger version of this image, click HERE.
Posted 8/23/12

PROVIDENCE – In the second quarter, 29.4 percent of all homes in the Providence-Fall River-New Bedford area were worth less than the outstanding balance on their mortgage, down .01 percentage point from the first quarter, Zillow said Thursday.

There were 83,246 homeowners with negative equity in the region, according to the Seattle real estate data firm, and only 8.3 percent of them have fallen behind or stopped paying their mortgage on time. Nationally, 9.2 percent of “underwater” homeowners are 90 days or more delinquent on their loan.

The cumulative negative equity in the Providence area was $5.7 billion during the quarter.

Of those in the metro area with negative equity, 43 percent are 20 percent or less underwater, while 7.5 percent owe more than double what their house is worth.

Providence County had the highest percentage of underwater homeowners in the region, 36.9 percent; followed by Kent County, 24.8 percent; Bristol County, Mass., 26.7 percent; Newport County, 17.1 percent; Washington County, 16.5 percent; and Bristol County R.I., 15.3 percent.

Nationwide, 30.9 percent of homes were underwater in the second quarter, a decline of .5 percentage points from the first quarter.

Of the 30 largest metro areas in the country, Boston had the second lowest negative equity rate, 19.6 percent, below only Pittsburgh’s 15.6 percent.

Las Vegas had the highest rate at 68.5 percent.

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