Report: More than half of homes with Rockford zip code 61104 'seriously underwater'

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ROCKFORD, Ill. (WIFR) -- Nearly 60 percent of homes with the Rockford zip code 61104 have been deemed 'seriously underwater," according to a recent report​ from ATTOM Data Solutions.

Homes are considered "underwater" when the costs owed on a home is 25 percent or greater than its market value.

With 59.6 percent of homes in Rockford zip code 61104 fitting the bill, the east side area ranked in the Top 5 in shares of most "underwater" homes.

The only zip codes with higher shares were based in in Trenton, New Jersey (70.3 percent), St. Louis, Missouri (64.8 percent), Harvey, Illinois (62.3 percent), and Memphis, Tennessee (60.5 percent).

Bloomberg also analyzed​ the report and says more than five million U.S. properties are currently classified as "underwater."