Underwater Mortgages Decline in Portland

For the first time since 2012, fewer than 30% of Portland’s single-family homes were underwater in Q2 2013, according to Zillow. Only 22.3% of Portland homeowners owed more than the value of their homes, slightly less than the national average of 23.8% and down from 25.5% in Q1 2013. In addition, only 7.6% of those underwater owed twice their home’s value, compared to the national rate of 13.4%.

This decline in underwater mortgages comes as a result of steadily increasing single-family home prices, which jumped 10.5% year-over-year to $313,900 in June, as reported by the Regional Multiple Listing Service.

Read more at Portland Business Journal