About 2.5 Million Homes No Longer Underwater

September 9, 2013
mortgage lending news

Second-quarter residential appreciation gave back millions of U.S. homeowners some of their equity, CoreLogic reports. An estimated 2.5 millions properties were returned to positive equity, it says, reducing the share of "underwater" homes to 14.5 percent of all residences with a mortgage at the close of the second quarter from 19.7 percent three months earlier.

Nonetheless, CoreLogic notes, there are still more than 7 million homes with negative equity as of June 30; and more than 10 million additional homes have a little equity but not enough to qualify for a refinance. Five states alone -- Nevada, Florida, Arizona, Michigan, and Georgia -- make up more than a third of the total U.S. negative equity in the second quarter. That, coupled with the fact that higher-valued properties are more likely to have equity, points to a housing recovery that is largely uneven.

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