The Kansas City area is burdened with one of the nation’s highest percentages of “seriously underwater” home loans, according to a new report.
ATTOM Data Solutions, the new parent company of RealtyTrac Inc., reported that, during the second quarter of this year, 21.2 percent of Kansas City-area homeowners with mortgages are seriously underwater, meaning the homeowners owed at least 25 percent more on their homes than the homes’ estimated market value.
Among 88 metropolitan statistical areas analyzed for the report, Kansas City ranked ninth-worst on the list. St. Louis was in better but still poor shape with 17.8 percent of homeowners seriously underwater.
The Q2 2016 U.S. Home Equity and Underwater Report cited a total of close to 6.7 million seriously underwater properties, representing 11.9 percent of all U.S. properties with a mortgage. That’s down from 12 percent in the previous quarter and down from 13.3 percent in the second quarter of 2015.
Read more: Kansas City Business Journal