The Most Underwater Homes -- That Aren't in CA, FL, AZ or NV
By:
Lisa Gibbs
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It’s no surprise that lots of homeowners in the states hit hardest by the collapse of housing prices – California, Florida, Arizona and Nevada – don’t yet have enough equity to pay off their mortgage. That’s despite the healthy increase in home prices.
See our story: Where Are the Most Underwater Homes
Nine of the top 10 most underwater cities (using the largest 170 metros) are in Florida, with Las Vegas rounding it out, according to research firm CoreLogic. Finally, we get to Flint, Mich.
So, here, just to mix it up a bit, we give you the most underwater cities that are NOT in what's known among real estate geeks as CANFLAZ:
| City | % Underwater |
|---|---|
| Flint, Mich. | 27.5% |
| Detroit | 26.9% |
| Elgin, Ill. | 24.4% |
| Toledo | 24.1% |
| Cleveland | 23.9% |
| Chicago | 22.4% |
| Memphis | 21.2% |
| Akron | 21.2% |
| Cincinnati | 20.8% |
| Lansing, Mich. | 20.3% |
| Atlantic City | 20.3% |
| Dayton | 20.1% |
| Atlanta | 19.5% |
| Lake County, Ill. | 19.3% |
| Savannah | 19.2% |
Source: CoreLogic