Top 5 U.S. Underwater Cities

The term underwater homes does not refer to the city of Atlantis. It means that the amount of the unpaid mortgage is higher than the current market value of the house and property. Falling real estate prices have resulted in some homes being underwater. When the owner tries to sell their house, they end up having to pay additional money to the mortgage company to be able to satisfy the loan and transfer title.

The Top 5 worst cities in the U. S. for underwater homes, according to a recent article by U.S. News, are:

1. Las Vegas, NV (81%)
2. Merced, CA (64%)
3. Phoenix, AZ (62%)
4. Orlando, FL (58%)
5. Greely, CO (45%)

This entry was posted on Monday, March 22nd, 2010 at 4:41 am and is filed under Business, Home and Garden, Life, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.