The housing market has rebounded nicely since the crash in 2008, but homeowners in certain cities are still struggling, reports MarketWatch staff Catey Hill.
In the U.S., about one in 10 homeowners owns a home that is seriously underwater, meaning that the loan amount for that home was at least 25% higher than the property’s estimated market value, but in nine cities, it’s more than one in five.
In Cleveland, 27.5% of homeowners are seriously underwater on their mortgage, while the same is true for 25.7% of Las Vegas, and 24.9% of Akron, Ohio. Daren Blomquist, vice president at real estate research firm ATTOM Data Solutions, says many of the nine cities on the list have a struggling economy and are losing population, which keeps housing prices from rising as rapidly as in other places.
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