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Mortgage Watch

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Substantially fewer Chicago-area homes are underwater compared with the first quarter of 2013, according to a CoreLogic report. Twenty-three percent of the region's homes owed more on their mortgage than the assessed value of the home. Crain's cites Case-Shiller home price reports to show that steady home appreciation over several months is the main contributing factor in a more-than-nine-percent decline in underwater mortgages. A similar decline was measured nationwide, though the current 14.5% average rate is far lower than Chicago's. [Crain's, previously]