1 in 5 homeowners underwater on mortgage

More than 22 percent of Portland-area homeowners owe more than their home is worth, according to Zillow.com’s Home Value Index.

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New data from Zillow.com’s Home Value Index indicates that 22.6% of Portland-area homeowners now owe more than their house is worth.

Portland home values have fallen by more than 22 percent since the summer of 2007.

In Central Oregon, the Beaver State’s housing crash epicenter, the home equity numbers are far worse. Zillow reports that more than 40 percent of homeowners in Bend are in negative equity positions. The median home price in Bend has declined 52.6 percent from the peak, according to the company.

As horrific as that sounds, Bend still has a ways to go before it reaches the levels of Nevada and Florida. An astounding 73 percent of homeowners in Las Vegas are underwater, where median homes prices have dropped 58 percent since the peak.

Read more at OregonLive.com.

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