My colleagues are still scratching their heads after today’s front page story, “Report, Fewer homes in trouble.”
The story reports that one in six homeowners in Sonoma County owe more on their mortgages than the homes are worth, but the rate was twice that a year ago. The numbers were released this week by Zillow.com. It reported that 16,000 county homeowners remained underwater in June, compared to 32,000 the year before.
What remained uncertain Tuesday to a Zillow spokeswoman and to other analysts is exactly what caused the county’s “negative equity” rate to fall so sharply.
Readers, what do you think? Could the county’s rate have been cut in half from last year, and, if so, why?
— Robert Digitale