IE Business Daily Business news for the Inland Empire.
The number of Inland Empire homes with negative equity – better known as underwater or upside down – fell during the third quarter, according to data released Thursday.
Eight point three percent of all residential properties with a mortgage in Riverside and San Bernardino counties had negative equity during the third quarter, down from 11.2 percent year-over-year, CoreLogic in Irvine reported.
More than 68,600 homes in the two-county region held a mortgage during the third quarter.
The number of Inland Empire homes with negative equity – meaning more is owed on the home than the home is worth – was essentially unchanged between the second and third quarter.
Nationwide, approximately 3.2 million mortgaged homes had negative equity during the third quarter, about 6.3 percent of all homes with a mortgage.
On the positive side, about 63 percent of all U.S. homeowners saw their home equity increase by a total of $227 billion during the third quarter, a quarter-over-quarter increase of 3.1 percent.
Ninety three point seven percent of all mortgaged properties – nearly 48 million homes – had positive equity during the third quarter, according to CoreLogic.
