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Report: Many Portland-area homeowners still 'under water'

About one of every six Portland-area homeowners with a mortgage owes more on their loan than their home is worth.

CoreLogic, a Santa Ana, Calif., real estate services firm, reported this week that 17.6 percent of residential borrowers in the Portland-Vancouver-Hillsboro area were 'under water' during the second quarter of the year. That means 83,450 homeowners owe more than their home is worth. An additional 6.1 percent, or 28,700 homeowners with mortgages, have a low amount of equity, or less than 5 percent of their home's value. They could be under water if values drop that much.

Nationally, CoreLogic reported that 10.9 million residential homeowners are under water, or 22.5 percent of all homeowners with mortgage loans.