IE Business Daily Business news for the Inland Empire.
Nearly seven percent of all residential properties with a mortgage – more than 65,200 total – in the Inland Empire had negative equity during the fourth quarter of last year.
That represented a drop of 0.4 percent compared with the third quarter of 2016, and was down nearly three percent year-over-year, according to data released by CoreLogic in Irvine.
Negative equity, often referred to as “underwater,” happens when the borrower owes more on their mortgage than their home is worth.
Nationwide, the number of mortgaged residential properties with negative equity during the fourth quarter of 2016 was 3.1 million, or 6.2 percent of all homes with a mortgage, according to CoreLogic.
A little more than one million U.S. borrowers moved out of negative equity during 2016, CoreLogic reported.
