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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%. 

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