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Report Looks at Local Home Delinquency, Underwater Rates

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

About 7% of Lynnfield homes are underwater, or lacking equity, according to data from the real estate website Zillow.com.

The real estate website also found that 9% of Lynnfield homes are delinquent on their mortgages, with an average home value index of $494,900, down about 15% from the peak.

In Wakefield, the data found that 8% of the homes in town are underwater, while 6% 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 North Reading, the figure is 10% underwater, 7% delinquent, and a home value index of $397,900, down about13% from the 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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