The U.S. Housing Crisis: Where are home loans underwater?

With U.S. home values falling 13.5% since their peak in 2007, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. Search our interactive map to discover what percentage of homes in your county or ZIP code are in negative equity, based on Zillow's first quarter 2014 data.

About the map: Negative equity is calculated by matching the estimated value of a home to all outstanding mortgage debt and lines of credit associated with the home, including home equity lines of credit and home equity loans, supplied by TransUnion, a global leader in credit and information management. All personally identifying information ("PII") is removed from the data by TransUnion before delivery to Zillow. The counties and ZIP codes in the highest percentiles (1st, 5th, 10th and 20th percentiles) of negative equity are marked with a badge. Negative equity is calculated for owner-occupied homes with mortgages for more than 870 metros, 2,400 counties, and 23,000 ZIP codes. This map will be updated quarterly. Contact press@zillow.com for additional data points and information including negative equity by state, metro, county, and ZIP code, as well as national data.

About the Zillow Negative Report: The Zillow Negative Equity Report is produced on a quarterly basis and captures the percent of homeowners who owe more on their mortgage than their home is worth from the national level down to the ZIP code level. Negative equity is commonly referred to as being underwater. The report also covers the delinquency rates of underwater mortgagees and the amount of equity among all mortgage holders.

Zillow Q1 2014 Negative Equity Report Summary: According to the latest Zillow Negative Equity Report, the national negative equity rate fell to 18.8 percent in the first quarter. This represents approximately 9.7 million homeowners nationwide. With the pace of home value appreciation slowing, the pace of negative equity improvement will also slow. Zillow currently predicts that the negative equity rate will fall to 17 percent by the end of the first quarter of 2015. But despite the improvements, one in five American homeowners with a mortgage remains underwater, a stubbornly high rate that is contributing to inventory shortages and holding back a full market recovery. The "effective" negative equity rate, which includes those homeowners with a mortgage with 20 percent or less equity in their homes, was 36.9 percent in the fourth quarter.