Skip to main content
Updated:
Original:

1 in 10 metro homes still underwater – a notable improvement

Author:

One in 10 metro homeowners is underwater in their mortgage – a notably improved snapshot of the Twin Cities housing market since earlier this year, according to new data from CoreLogic.

The California-based real estate and consumer information company had noted that the Twin Cities during the second quarter of the year had 13.3 percent, or 72,911 properties, that remained in "negative equity," in which borrowers owed more on their mortgages than their homes were worth.

The trend of homeowners gaining ground was at play across the country, too, according to the report. Nationwide, nearly 6.4 million homes, or 13 percent of homeowners, were still underwater the end of the third quarter of 2013 – fewer than the 7.2 million, or 14.7 percent of homeowners, from the previous quarter.

Minnesota ranked No. 26 on a list of states ranked by percentage of homes underwater. These states had the most homes underwater, as a percentage: Nevada, Florida, Arizona, Ohio, Georgia, according to the report.

These states were in the best shape, with the highest percentage of homes in positive equity: Alaska, Texas, Montana, North Dakota, Wyoming.

The latest reports follows a string of other bits of good news related to the metro housing market.

Last week, Twin Cities Realtors reported what might seem like a paradox – that a drop in home sales means the market is stronger.

In the latest 20-city Case-Shiller index report, Minneapolis had a 0.8 percent jump in home prices from August to September. Home prices in Minnesota’s biggest city were up 10.1 percent from the same point last year, according to the survey.

Next Up

US Sec Defense Flickr - Joe Bide Nov 11 2021

Biden lays out wintertime plan to curb COVID's spread

It comes as the U.S. reported its second case of the omicron variant.

Willow River DOC

MN Dept. of Corrections offering $5K bonuses as it seeks to hire 200

The DOC is offering hiring bonuses for new employees and for referrals.

covid

3rd federal medical team to join COVID-19 fight in Minnesota

There are more than 1,500 people with COVID-19 admitted to Minnesota hospitals.

hospital, emergency room

Driver killed after other motorist crosses into opposite lane

The head-on crash occurred early Thursday, just north of the Twin Cities.

shot clock

MSHSL approves shot clock for Minnesota varsity basketball

Shot clocks will be required at all varsity games beginning in 2023-24.

Redmons Popcorn Colbert screengrab

Popcorn shop featured on 'The Late Show' has to close 2 days later

A county inspection after the national TV appearance found code violations.

covid, vaccine

Minnesotan infected with omicron was vaccinated, had booster shot

The Hennepin County man received his booster shot in early November.

Related