30% of Portland homeowners under water

30% of Portland homeowners under water

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by KGW.com Staff

kgw.com

Posted on February 9, 2011 at 12:41 PM

Updated Thursday, Feb 10 at 11:02 AM

Home values in the Portland metro area have fallen 12 percent in the past year. Based on that drop, approximately one-third of Metro area homeowners owe more on their mortage than the appraised value of their home.

Zillow's fourth quarter real estate data shows 32 percent of homeowners in the metro area had negative equity, compared to 27 percent nationally.

Portland's drop in home values was double the national average, which was down 5.9 percent year to year.

Local homeowners in that predicament met at Hopworks Urban Brewery Tuesday night to discuss the mortgage mess.

According to the Zillow data, 26 percent of all homes sold in December were sold for a loss.

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