Zillow Analysis: Housing Recovery Rate Depends On Community
A new housing analysis says 11 percent of Phoenix homeowners are upside-down on their mortgage. But, when the data is broken down by community, it looks a little different.
There’s a disparity, between predominantly white and predominantly black communities.
That’s according to data released by real-estate website Zillow, which says black communities in Phoenix are 30 percent more likely to be upside-down on home loans than their white counterparts. And in areas of Phoenix with a blended racial profile and no majority, the rate of homes underwater is the same as black communities, not white.
The Zillow analysis says communities of color have had different experiences through the housing boom, bust and recovery.
Comparatively Phoenix is doing better than most metro areas in the United States.
Nationwide, the racial disparity is around 200 percent.