Long Island 'Underwater' Mortgages Reach 8-Year Low

Sep 25, 2017

The number of Long Island homeowners that are “underwater,” that owe more on their mortgage than their home is worth, has reached an eight-year low.

A report by California-based data firm CoreLogic, finds that about 31,000 homes on the Island, or about 5.5 percent, are underwater.

The last time that number was below 6 percent was in the summer of 2009.

In 2013, the percentage of homes that had mortgages for more than they were worth was about 10 percent.

Analysts say the biggest factor in the decline is rising home prices.

In Connecticut, the latest figures from CoreLogic found that 9.9 percent of homes are underwater statewide.