Despite the Bay Area’s robust housing recovery, the East Bay communities of Vallejo, Antioch and Richmond are among the nation’s 100 cities with the highest percentages of underwater mortgages, according to a report released Thursday.
“While we talk about recovery, a large part of the country is not only not recovering, it is largely being ignored,” said John A. Powell, a law professor and director of the Haas Institute.
“They are disproportionately black and Latino communities. It affects not just homeowners, but cities and states,” Powell said. “In places like Richmond and Vallejo, cities can’t function.”