underwater mortgage

Michigan Supreme Court

This Week in Review, Jack Lessenberry and Rina Miller discuss a new report saying a quarter of Michigan homeowners are still underwater on their mortgages, Republican congressional candidate David Trott’s rough week and the Michigan Supreme Court’s decision not to reconsider parole hearings for juvenile lifers.


Steve Carmody / Michigan Radio

A new report says a quarter of Michigan homeowners are underwater on their mortgages – and that’s a big improvement.

Back in 2012, roughly half of Michigan homeowners owed more on their mortgages than their homes were worth.

Daren Bloomquist of Realty Trac says Michigan, like the rest of the nation, has seen steady improvement in home values since the end of the recession.

Steve Carmody/Michigan Radio

Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth.   

In December, 31% of Michigan homeowners were deeply underwater on their mortgages.  That’s down from 37% in January of 2013.

Nationally, 19% of homeowners are deeply underwater on their mortgages.

Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.

Google Earth

Michigan homeowners continue to struggle with underwater mortgages.

Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.

Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.

Realty Trac’s Daren Bloomquist says more homeowners in those states may be underwater on their mortgages, but home values are also rising faster than in Michigan.