Half of metro Atlanta homeowners underwater in mortgages |
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(ATLANTA BUSINESS CHRONICLE) -- Half of all metro Atlanta homeowners were underwater in their mortgages by the end of 2012, according to Zillow.com's fourth-quarter negative equity report.
The report also noted 49,827 metro Atlanta homeowners were freed from negative equity - owing more on their mortgages than their homes are worth - in 2012, echoing a national drop.
In the United States, negative equity dropped to 27.5 percent of all homeowners with a mortgage in the fourth quarter of 2012, compared with 31.1 percent in the fourth quarter of 2011. Some 2 million American homeowners freed themselves from being underwater last year.
Looking ahead, Zillow.com projects metro Atlanta's negative equity rate will dip to 47.9 by the end of 2013, with another 17,255 local homeowners freeing themselves from negative equity.