The headline pretty much says it all: The percentage of mortgage holders in New York City and environs who have negative equity ticked up slightly from 20.1 in the fourth quarter of 2011 to 21.3 in the first quarter of 2012. As you can see from the map (from Zillow via The Real Deal), however, much of the pain was felt in New Jersey and Queens. Brooklyn, especially Brownstone Brooklyn, looks largely unscathed. And compared to the rest of the country, where almost one-third of homeowners are still underwater, New York isn’t doing too badly.
One-fifth of NYC-area Borrowers Are Underwater [The Real Deal]