Homes around the Bay Area are continuing to slide underwater – the term for a home worth less than what is owed on the mortgage – according to a report from real estate research firm Zillow.
Nearly a quarter (24.6 percent) of homes in the nine-county area were underwater in the three months ended in September, Zillow said. That compares with 22.8 percent in the preceding quarter.
Several reasons underlie the declines: the end of the spring/summer peak home-buying season, continued malaise after last year’s expiration of home buyer tax credits, lack of consumer confidence.
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Article source: http://www.gayapolis.com/news/artdisplay-realestate.php?artid=12047