Friday , March 29 2024
“Underwater” Home Decline
“Underwater” Home Decline

Fewer “underwater” homes in IE

Five point three percent of all Inland Empire homes with a mortgage were in negative equity during the third quarter, according to data released Thursday.

That was a five percent drop year-over-year and a one percent decline from the second quarter of this year, CoreLogic reported in its latest home equity analysis.

Nationwide, negative equity during the third quarter fell 22 percent year-over-year and nine percent compared with the second quarter.

Negative equity, often called underwater or upside down, means more is owed on a mortgage than a home is worth. Negative equity can happen because of a decline in a home’s value, an increase in mortgage debt or a combination of the two.

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