Analysis: 35 percent of mortgages in Somerset County considered ‘underwater’
Among Maryland counties, Somerset had the highest percentage of property owners with mortgages who owe at least 25 percent more on their loans than their property is worth, according to an analysis by ATTOM Data Solutions looking at home equity at the end of the first quarter.
In Somerset County, 35 percent of all properties with a mortgage were considered “seriously underwater.” The counties with the next-highest rate were Allegany and Dorchester, each with 24 percent. The analysis is based on a home’s estimated market value.
In Maryland, owners of 163,237 properties with mortgages owe at least 25 percent more on their loans than their property is worth. The state ranks 20th in the U.S., with 11.3 percent of all properties with a mortgage considered “seriously underwater.”
Counties with highest rates of underwater mortgages
|County||Population||Housing Units||Total Seriously Underwater||Percent Seriously Underwater|
|Queen Anne's County||48,712||20,754||1,502||12%|
|Prince George's County||897,693||330,708||23,174||11%|