IE Business Daily Business news for the Inland Empire.
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.
