30 Percent of San Diego County Homes ‘Underwater'

Almost three in 10 homes in San Diego are "underwater" -- that's a term used when a home is worth less than the mortgage.

According to a report prepared for our media partner voiceofsandiego.org, nearly 30 percent of homes in San Diego County are underwater. That's compared to 27 percent in the state and 18 percent nationwide.

""Wow -- that's huge," chief deputy assessor David Butler told the voiceofsandiego.org. "That's kind of disheartening."
Many "underwater" homes were bought at the height of the real estate boom with little or no down payment. With a 38 percent drop in property values, the typical 20 percent down payment has been wiped out.

Read "Nearly 30 Percent of San Diego Mortgages Underwater" for more details.

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