Affordable Housing, Community Development, Federal News, Reports and Publications, State News

Housing Recovery Bypassing Some Cities, Including Hartford and Bridgeport

Haas Institute for a Fair and Inclusive Society
 

In a new report, “Underwater America: How the So-Called Housing ‘Recovery’ Is Bypassing Many American Communities,” the Haas Institute for a Fair and Inclusive Society at the University of California, Berkeley, explores the cities that aren’t seeing the benefits of the country’s economic recovery. For a significant number of towns, homeowners are “underwater,” which means they owe more on their mortgages than their homes are worth.

The report found that Hartford – with a median income of $28,931 -- was the hardest-hit city of all, with 56% of homes underwater, and 723 homes in foreclosure or default in 2013. Hartford County also included four in the country’s 395 worst-hit zip codes. Not far behind is Bridgeport, the tenth worst hit city, with 42% of home underwater and 1,571 homes in foreclosure or default in 2013.

Nationwide:

  • In 57 cities, at least 30% of all mortgaged homes are still underwater.
  • Nearly 1 in 10 Americans (28.7 million people) live in the 100 hardest-hit cities.
  • 34% of the 100 hardest-hit cities have median household incomes below $40,000
  • The hardest-hit cities are in 27 states.
  • The most-affected city is Las Vegas, where 35% of the homes are underwater.

Click here to access the report. 
 

 
 

Filter News By