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SALT LAKE CITY -- Around 15 percent of Salt Lake County residents paying a mortgage now have negative equity, according to a new report. The First American CoreLogic company released the report Wednesday.
"You'll see a lot of this dictated between loans that were done in 2005, 2006 and 2007," said Jason Eldridge, vice president of sales at Newreach.
Eldridge says people who purchased during those peak years and didn't put any money down are now feeling the effects.
He says those with homes over $300,000 are feeling the most pressure. They'll either need to wait until the market rebounds, or expect to take a loss if they have to sell now.
But Eldridge does say homes below $300,000, in general, are doing much better as the loss of value isn't as steep.
E-mail: rjeppesen@ksl.com
