Report Looks at Local Home Delinquency, Underwater Rates

Zillow.com finds Wakefield comparable to surrounding towns, although the numbers quickly get worse in some parts of the region.

About 8% of Wakefield homes are underwater, or lacking equity, according to data from the real estate website Zillow.com. 

The data also found that 6% of the homes in town are delinquent in their mortgages, and that the current home value index for the town stands at $394,900, down about 7% from its peak.

In neighboring Lynnfield, 7% of the homes are reportedly underwater, while 9% are said to be delinquent. The town’s home value index is $494,900, down 15% from its peak. 

Other area towns have significantly higher percentages of homes that are underwater. Nearby Peabody has 14% of its homes lacking equity right now, with a 9% delinquency rate and a $308,700 average home value down 16% from its peak. A further look finds that in the 01901 zip code in Lynn, 67% of homes are underwater, with 8% delinquent. In Malden the underwater rate is 17%, Stoneham and Melrose come in at a respective 9% and 8%, and Reading fares relatively well at just 6%. 


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something