Palm Beach County homeowners continue to emerge from a long session of waterboarding. Just 16 percent of county homeowners are “seriously underwater” as of mid-2016, according to a RealtyTrac report released Thursday.
The seriously underwater figure — meaning loan values of at least 25 percent more than home value — was 20 percent as of mid-2015. During the darkest days of the housing crash, nearly half of Palm Beach County borrowers were way upside down.
Meanwhile, 26 percent of Palm Beach County homeowners are “equity rich,” meaning they have loan-to-value ratios of 50 percent or less. That’s up from 21 percent a year ago.
Cities with the most seriously underwater properties were Cleveland (27.5 percent) and Las Vegas (25.7 percent).
Metro areas with the lowest share of seriously underwater properties were San Jose, California (1.7 percent), and San Francisco (3.7 percent).