Friday, June 06, 2014 / by Phil Slezak
CoreLogic released an analysis of residential properties in the first quarter of 2014, focusing specifically on homes with negative equity. The company found that more than 300,000 homes returned to positive equity in the quarter, bringing the total number of mortgaged residential properties with equity to more than 43 million.
Negative equity, more commonly known as a home being "underwater," means borrowers owe more on their mortgage than their homes are worth. The company cites declines in value, an increase in mortgage debt, or some combination of the two as factors leading to a home having negative equity.
The company's analysis found that roughly 6.3 million properties, or 12.7 percent of all residential properties with a mortgage, had negative equity as of Q1 2014. The first quarter of 2014 saw a decline from the fourth quarter of 2013, when 6.6 million homes had negative equity, or 13.4 percent.
Year-over-year, negative equity properties have declined 20.2 percent from 9.8 million in 2013 to 6.3 million in Q1 2014. Click on this link 312,000 Properties Regain Equity