1 in 4 St. Louis Homeowners Underwater on their Mortgages
ST. LOUIS, Mo. (KMOX) – The number of local homeowners who are still underwater on their mortgages remains high, but there is some light at the end of the tunnel.
According to RealtyTrac, 24 percent of St. Louis homeowners still owe at least 25 percent more than their properties are worth, but Vice President Daren Bloomquist says one in five (20%) is just about to resurface.
“They have just slightly negative equity or slightly positive equity,” said Bloomquist. “We believe in the coming year those homeowners are going to have regained enough equity to be able to list their homes for sale.”
Blumquist says rising home prices are helping those homeowners regain their equity.
The recovery of the St. Louis area’s underwater homeowners lags just a couple of points behind the rest of the nation.