In this morning’s Los Angeles Times Alejandro Lazo reported on a just-released analysis done by Zillow, the on-line home value estimator, that pegged the percentage of homes with negative equity (or underwater mortgages) at 30% in Los Angeles County, up from 28.6% in the 4th quarter of 2011. The analysis, done with data from Zillow (home values, from their database) and TransUnion (mortgage balances), is available here, and an interactive mapping tool can be found here.
The one bright bit of news is that while almost 1/3 of homeowners nationally are underwater, only 10% of those homeowners are 90 days or more delinquent on their mortgages.
PS: In a small sidebar to the LA Times article, it’s noted that the 90014 ZIP code has the highest rate of underwater mortgages, at 78.5%, and four ZIP Codes (93040, 91963, 92066, and 91210) have ZERO underwater mortgages. Of course, three of those ZIP codes are farmland with almost no residents, and 91210 is the ZIP code for the Glendale Galleria!