According to a recent Hartford Courant article, nearly 25% of Connecticut’s single family houses and condominiums with a mortgage are “underwater” (i.e., the value of the home is less than the amount owed on the mortgage). The article, which uses data reported by zillow.com, cautions that even though that number is lower than the national average of 31%, it’s still significant for a variety of reasons. Among other things:
- the percentage of home mortgages underwater in
- 51% of underwater properties include additional debt beyond the first mortgage, and
- about 11% of underwater mortgages are seriously delinquent or in foreclosure, indicating that more foreclosures are likely.
