SAN DIEGO (KGTV) - More than five percent of San Diego homeowners owe more on their mortgages than their homes are even worth, according to a new Zillow report.
A total of 23,290 homes in the region are in negative equity, meaning a home's value is lower than the balances on the mortgage. About 1,906 of those homeowners owe at least twice as much as their homes are currently worth, the report says.
San Diego's amount of underwater homes compares elsewhere in the state to 19,479 homes in Sacramento, 20,179 homes in San Francisco, and 46,147 in Riverside.
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For some San Diego homeowners, leaving simply isn't an option either. In total, about 17.4 percent of local homeowners with a mortgage don't have enough equity to cover the costs of selling their home for a new one, Zillow says.
Underwater houses could contribute to housing shortages as well. Zillow says homeowners will tend to hold onto their homes instead of selling them and taking a loss.
Despite the negative numbers, the national negative equity rate fell below 10 percent for the first time since the housing market crash to 9.1 percent.
There still remains about 4.4 million homeowners who are underwater on their mortgages.
