Negative Equity Down 24% Year-Over-Year

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Posted To: MND NewsWire

The number of “underwater” homeowners continued to decrease at a rapid pace in the third quarter of 2016 as home values grew. Negative equity, often referred to as “underwater” or “upside down,” applies to borrowers who owe more on their mortgages than their homes are worth. CoreLogic said on Thursday that 384,000 homeowners regained positive equity in their homes during the quarter, dropping the number in negative territory to 3.2 million or 6.3 percent of all mortgaged homes. In the second quarter of 2016 the number of underwater properties totaled 3.6 million and in the third quarter of 2015, 4.2 million. The most recent number represents a quarter-over-quarter and a year-over-year decrease of 10.7 percent and 24.1 percent respectively. Based on CoreLogic negative equity data, which goes…(read more)

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