Posted To: MND NewsWire
Negative equity continued to decline in the first quarter of 2016. CoreLogic said today that 268,000 homeowners regained an equity position in their homes, bringing the number of homes that are still underwater down to about 4 million, 8 percent of homes with a mortgage . This is a decrease of 6.2 percent from the 4.3 million homes or 8.5 percent of the total, which were underwater in the fourth quarter of 2015. Those homes that remain underwater, that is with mortgage balances that exceed the home’s value, had an aggregate negative value of $299.5 billion at the end of the first quarter, an improvement of $11.8 billion or 3.8 percent compared to the fourth quarter of 2015. On a year-over-year basis, the value of negative equity declined overall from $340 billion in Q1 2015, representing a…(read more )