28.9 percent of mortgages in Pierce County are underwater

28.9 percent of mortgages in Pierce County are underwater

Nearly a third of all Tacoma-area homeowners with a mortgage owe more than their property is worth.

The analytic and business services company CoreLogic reported this week that in the Tacoma “Core-Based Statistical Area,” a metropolitan area that comprises Pierce County, 28.9 percent of all residential properties were in “negative equity” for the third quarter.

This compares with 28.7 percent of such properties that were “underwater” during the second quarter, CoreLogic said.

In the Olympia and the Thurston County area, the company said, 18 percent of mortgaged properties were underwater in the third quarter. This compares with 18.2 percent recorded the quarter before. Nationwide, 22.1 percent of mortgaged properties were in negative equity.

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