BluegrassForeclosure.com

With the onslaught of so many foreclosures and with the market being flooded by cheap housing, many current home owners are seeing the value of their homes declining.  Even to the point where they owe more on their mortgage than their house is worth.  This is called being “upside down” where your house is worth less than your mortgage, so that even if you wanted to sell, you probably couldn’t since there wouldn’t be any buyers who would want it at that price.

Across the Ohio River in Cincinnati, a report was done showing how much was owed on the home compared to the value of the home.  “The 45206 ZIP code, which covers the East Walnut Hills neighborhood, had an average mortgage balance nearly $88,000 higher than the median home value.”

So in this particular neighborhood, individuals owed $88,000.00 more than their home was worth.  They were upside down.

On the positive side, most homeowner’s equity is on the rise.  “Statewide averages for Ohio, Kentucky and Indiana show positive equity balances, according to Nielsen PreView, although other states have higher home equity averages.

Ohio has average home equity of $10,169 and ranked 32nd in the nation. Kentucky ranked 38th with $7,490. And Indiana ranked 40th with $5,945. Hawaii ranked first with equity of $219,433. New York was second, and New Jersey was third.”

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