As equity rises, borrowers in the bottom tier are still underwater
A Zillow report shows that slow price gains will be vexing for the 8.7 million homeowners still underwater, writes The Wall Street Journal's Joe Light.
For homeowners who still owe more than their house is worth, 27.4 percent own homes in Zillow’s cheapest price tier. In Atlanta, 50.5 percent of borrowers who own homes with prices in the lowest tier are underwater, topping the list of markets where owners of less expensive homes have negative equity. Next on the list is Detroit with 49.2 percent, and Jacksonville with 47 percent.