The Toledo area is among the top five metro area in the country with the highest share of mortgaged properties that are “seriously underwater,” that is, more is owed than the property is worth.
According to a second quarter home equity report by real estate data firm Attom Data Solutions, metro Toledo ranked fifth out of 91 metro areas, trailing only Cleveland, Baton Rouge, Akron, and Las Vegas. A home is “seriously underwater” when the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value.
Attom said 20.2 percent of metro Toledo homes with a mortgage were seriously underwater.
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