While other states start to recover, homeowners in Ohio and other Midwestern states are struggling to regain equity in their houses, with more than 30% of mortgaged homeowners in Ohio, Michigan and Illinois owing considerably more than their homes are worth. Per The Columbus Dispatch:
In Ohio, 31% of homeowners with loans owe at least 125% more than their estimated home value, RealtyTrac said. In central Ohio, the figure is 27 percent.
In all, RealtyTrac estimates that 10.7 million homeowners, or 23% of those with mortgages, are “deeply underwater,” down from 11.3 million in May and 12.5 million last September.
