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Ohioans still underwater

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The number of underwater residential properties is declining nationally, but a new report shows Ohio is still in the top six.

The latest RealtyTrac U.S. Home Equity & Underwater report shows 9.3 million U. S. residential properties were deeply underwater, meaning, they are worth at least 25% less than the combined loans secured by the property.

States with the highest percentage of residential properties deeply underwater in December were:

  • Nevada-38%
  • Florida-34%
  • Illinois-32%
  • Michigan-31%
  • Missouri-28%
  • Ohio-28%

Daren Blomquist, vice president at RealtyTrac says, there are still millions of homeowners who are in such a deep equity hole that it will take years for them to regain their equity."
There is some good news

The number of foreclosures deeply underwater is declining and 31% of all residential properties in the foreclosure process had some positive equity, up from 24% with equity in September. A local realtor also sees evidence of increasing home values. Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton markets, says, "As we enter 2014 we are expecting the rate of appreciation to outpace what we have experienced the past two years, which will provide consumers the added value and reason to enter the home market in 2014."

Fourteen percent of Indiana residential properties are deeply underwater. The number is 11% in Kentucky.

Ann Thompson has years of journalism experience in the Greater Cincinnati market and brings a wealth of knowledge and expertise to her reporting. She has reported for WKRC, WCKY, WHIO-TV, Metro Networks and CBS/ABC Radio. Her work has been recognized by the Associated Press and the Society of Professional Journalists. In 2019 and 2011 A-P named her “Best Reporter” for large market radio in Ohio. She has won awards from the Association of Women in Communications and the Alliance for Women in Media. Ann reports regularly on science and technology in Focus on Technology