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Underwater mortgages stay down

Only two percent of all U.S. homeowners with a mortgage were in negative equity during the second quarter, about the same rate recorded during the past two years, according to a report.

About 6.3 percent fewer homeowners were “underwater” in the second quarter compared with the previous quarter, Irvine-based CoreLogic reported.

The number of “underwater” homes peaked 14 years ago when that number reached nearly 26 percent.

“While U.S. home equity is now lower than its peak in the second quarter of 2022, owners are in a better position than they were six months ago when prices bottomed out,” said Selma Hepp, CoreLogic’s chief economist in a statement. “The five percent overall increase in home prices since February means that the average U.S. homeowner has gained almost $14,000 compared with the previous quarter, which is a significant improvement for borrowers.”

In the Inland Empire, 6,949 mortgages – out of 865,153 – were underwater In the second quarter, or 0.80 percent, CoreLogic reported.

 

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