Fewer homeowners are underwater in Phoenix area

PHOENIX (AP) - Rising home values in the Phoenix areas mean fewer homeowners are underwater on their mortgages.

Home values reported by Zillow, a real-estate data company, indicate that 22 percent of the Phoenix area’s homeowners owe more on their mortgages than their homes are worth.

That’s down from more than 60 percent in late 2011 and approximately 40 percent a year ago.

However, the Arizona Republic (https://bit.ly/1cQnNvP ) reports that the recovery is uneven, with values in some areas on the metro area’s west side recovering much more slowly.

Broad areas of the west side have rates of 30 to 39 percent.

On the opposite of the metro area, generally more affluent Scottsdale and Paradise Valley have the lowest rates of underwater homeowners, below 10 percent.