Housing’s 10 Least Underwater Spots

While many areas across the country are feeling the housing crisis pinch, with high percentages of homeowners owing more on their home than it’s worth, there are actually parts of the country where there is a little more breathing room. Below is a list of two spots around the country where the amount of homeowners who are underwater is below 8.4%, compared to the national average of 21.5%. Underwater status suppresses housing demand because current homeowners feel trapped. It can also spur foreclosures and strategic defaults. The ten markets listed here have shown annualized growth over the past decade. They are:

  • Pittsburgh, PA – 5.6% underwater; 2Q median price $107,164
  • Tulsa, OK – 6.1% underwater; 2Q median price $117,135
  • Oklahoma City, OK – 6.1% underwater; 2Q median price $119,257
  • Cape Cod, MA – 6.9% underwater; 2Q median price - $318,026
  • Yakima, WA – 7.2% underwater; 2Q median price – $137,568
  • Springfield, MA – 7.2% underwater; 2Q median price - $190,256
  • Lancaster, PA – 8% underwater; 2Q median price – 178,064
  • Hartford, CT – 8.3% underwater; 2Q median price - $224,393
  • Boston, MA – 8.3% underwater; 2Q median price - $331,568
  • Utica, NY – 8.4% underwater; 2Q median price - $99,710
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