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Millions of homeowners in the U.S. are underwater. Not in San Diego

Posted at 7:59 AM, May 09, 2019

SAN DIEGO, California — Millions of Americans owe more on their homes than they’re actually worth in the first quarter of 2019, according to a new report by Attom Data Solutions .

San Diegans, on the other hand, are sitting on equity rich properties.

In the U.S. as a whole, more than five million homes were seriously underwater, meaning property owners owe at least 25 percent more than the home is worth.

Although the report paints a grim picture for millions of Americans, San Diegans are seeing the opposite.

According to the report, nearly 40 percent of properties in San Diego are equity rich, meaning property owners had at least 50 percent equity.

In California, 43 percent of properties are equity rich. Other states that fared well include Hawaii, New York, Washington and Vermont.

Nationally, however, more than 9 percent of all U.S. properties with a mortgage are seriously underwater.

In several places around the country, more than half of all properties are seriously underwater, according to the report.

Those locations include Milwaukee, Trenton, Chicago, St. Louis and Cleveland.