Georgia Ranks High in 'Under Water' Homes

4:06 PM, Apr 15, 2013   |    comments
  • Share
  • Print
  • - A A A +


Thousands of Georgia homes are under water, but it's got nothing to do with flooding.

That's the phrase to describe homes that are worth less than the value of their mortgage.

Another name for that: negative equity.

That's happening across the country due to falling property values in the last five years.

An online real-estate company, Zillow, recently ran the numbers for a national study.

They said nearly 14 million homeowners across the country were "under water" at the end of 2012.

That's 27.5 percent, more than one out of four.

And Zillow said Georgia is one of the states hardest hit by declining values.

Several areas on Atlanta's southern edge have some of the nation's highest under-water rates.

For example, they say more than four out of five Clayton County homeowners with mortgages, 82 percent, owe more than their homes are worth.

Here in Central Georgia, the rates aren't that high, but many homeowners are struggling.

In Jones County, Zillow says 40 percent of the mortgaged homes are under water and those homes have lost a third of their value in five years.

38 percent of Bibb County mortgages are in the red.

And in Houston County, it's 31 percent.

Those are all above the national average.

Analysts say declining home values are a huge drag on the economy, because people with homes underwater aren't likely to move or make improvements.

The good news, Zillow says: Rising home values in 2013 could raise more than a million of them above sea level.

The "under water" rates in Central Georgia by county:

DOOLY 41%
JONES 40%
BIBB 38%
MACON 37%
TAYLOR 37%
WILCOX 37%
WASHINGTON 36%
WILKINSON 36%
TELFAIR 35%
HOUSTON 31%
DODGE 29%
LAURENS 29%
PEACH 27%
BALDWIN 26%
TREUTLEN 25%
CRAWFORD 23%
PULASKI 23%
PUTNAM 22%
MONROE 21%
TWIGGS 16%
BLECKLEY 15%
HANCOCK 14%
JOHNSON N/A
WHEELER N/A

 

 

 

Most Watched Videos