More Homes Underwater in Chicago Than Other U.S. Cities

One in ten Chicago homes is currently underwater, more than double the national average.
March 22, 2018, 6am PDT | Casey Brazeal | @northandclark
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John McGraw

Chicago has more homes underwater than any other city in the country, more than New York (the city with the second most homes underwater) and Los Angeles combined. "At the end of 2017, more than 135,000 Chicago-area home borrowers owed more on the mortgage than the property was worth, according to a report released by property data firm CoreLogic," writes Dennis Rodkin.

This is keeping some home owners in their current homes, because even those not at risk of foreclosure can't afford to put their homes on their market and lose the difference between what they owe on the house for and what it's currently worth. Because of this, both supply and demand fall.

"At year-end, 10 percent of Chicago-area homeowners with a mortgage were underwater. That's twice the nationwide rate of 4.9 percent," Rodkin reports. Miami is the only other large city in the country with a higher rate of underwater home ownership.

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Published on Friday, March 16, 2018 in Crain's Chicago Business
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