850,000 Underwater Mortgages Resurface
Rebounding market brings some back to positive equity
Thanks to the rebounding housing market, about 850,000 underwater residential mortgages returned to positive equity in the first quarter of 2013, according to a newly-released analysis by CoreLogic.
While many Americans are still treading water with mortgages worth more than the value of their homes due to the housing bust, the progress should translate to a meaningful improvement in finances for many families.
According to CoreLogic, 9.7 million, or 19.8% of all residential properties with a mortgage, were still in negative equity at the end of the first quarter. That represents a step in the right direction from the end of 2012 when 10.5 million, or 21.7% of all residential properties with a mortgage, were underwater.