Log Out | Member Center

78°F

87°/54°

Number of underwater homes in Wichita improves in second quarter

  • The Wichita Eagle
  • Published Friday, Sep. 14, 2012, at 8:51 a.m.

The number of Wichita area homes financially underwater dropped in the second quarter, according to the CoreLogic.

The Wichita area had 6,133 homes — 6.5 percent of homes with a mortgage — that were worth less than their outstanding mortgage. This happens when the value of the house drops after purchase.

That’s an improvement over the 6,913 properties, or 7.4 percent of mortgaged homes, underwater in the first quarter of 2012.

An additional 3.6 percent, or 3,420 residential properties, were nearly underwater in the second quarter compared to 4.1 percent, or 3,776, in first quarter.

The owners of homes that are underwater are not building equity in the property and are more likely to abandon the house and the loan.

Subscribe to our newsletters

The Wichita Eagle welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views. Please see our commenting policy for more information.

Have a news tip? You can send it to wenews@wichitaeagle.com or consider joining the Public Insight Network and become a source for The Wichita Eagle.

Search for a job

in

Top jobs