IE Business Daily Business news for the Inland Empire.
Negative equity among residential properties in the Inland Empire dropped during the third quarter, according to data released Tuesday.
Overall, 11.4 percent of mortgaged residential properties were burdened by negative equity during the third quarter, down from 15 percent year-over-year, Irvine-based CoreLogic reported.
About 2.4 percent of mortgaged properties in Riverside and San Bernardino counties were near negative equity during the third quarter, which was virtually unchanged from the third quarter of 2014, according to CoreLogic.
Nationally, 8.1 percent – about 4.1 million properties – had negative equity during the third quarter, down from 10.4 percent during the third quarter of 2014, CoreLogic reported.
Negative equity, often referred to as “underwater,” means people who owe more on their mortgages than their homes are worth.
