Properties in Baton Rouge 'underwater' due to 2016 flooding; val - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

Properties in Baton Rouge 'underwater' due to 2016 flooding; values starting to recover

Flooding on Greenwell Springs Road in August 2016 (Source: Viewer) Flooding on Greenwell Springs Road in August 2016 (Source: Viewer)
BATON ROUGE, LA (WAFB) -

A new study from ATTOM Data Solutions, a property database, released its report for the second quarter of 2018, showing more than 5.5 million properties in the country are underwater, meaning the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated value.

Click here for methodology and full report.

Nationwide, about 10 percent of properties with a mortgage are underwater.

Across the nation, Baton Rouge ranks at the top of this list, with 21 percent of properties underwater.

"There is a connection with the flooding. Our data shows that home prices in Baton Rouge declined on a year-over-year basis for four consecutive quarters following the flooding, starting in Q4 2017. Home prices have started to come back, but that decline has dragged down overall home values, causing a higher percentage of homeowners that are seriously underwater," said Christine Stricker, senior marketing manager of projects for ATTOM Data Solutions.

Other cities with high percentages of properties underwater include Toledo, Scranton, Youngstown, and New Orleans.

Louisiana also ranks at the top of the list, along with Illinois, Missouri, Mississippi, and Ohio. Louisiana has 21.7 percent of properties underwater, according to the report.

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