Overcast
70°FOvercastFull Forecast

Report: A third of Ill. homes 'deeply underwater'

Published: Thursday, Jan. 9, 2014 7:14 a.m. CDT

CHICAGO (AP) — A new report says almost one-third of Illinois homes are "deeply underwater" meaning that they're worth at least 25 percent less than what's owed on the loans.

The report released Thursday by Irvine, Calif.-based RealtyTrac says that represents almost 775,000 Illinois homes. The report is based on data from December.

Only Nevada and Florida fare worse, with 38 percent and 34 percent of homes deeply underwater, respectively.

But the report has some good news.

Nationally, the percentage of deeply underwater homes is falling.

RealtyTrac says rising home prices are providing some relief. It also says that the number of homes with at least 50 percent equity grew during the fourth quarter.

Twelve percent of Illinois homes meet that threshold and are considered equity rich.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Northwest Herald.

Reader Poll

How many games will the Bears win this season?
Seven or fewer
Eight
Nine or 10
11 or 12
13 or more