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Number of 'Underwater' Homes Drops in U.S.

Number of 'Underwater' Homes Drops in U.S.

With property values rising, more than 200,000 homeowners in the United States returned to positive equity in their homes in the fourth quarter of 2012, according to a new study by CoreLogic.

The number of homeowners that are still "underwater," with negative equity in their homes, now stands at 10.4 million, or 21.5 percent of all residential properties with mortgages, down from 10.6 million at the end of the third quarter, the firm says.

Median-Home-Price-house-on-mney-stack.jpg "The scourge of negative equity continues to recede across the country. There is certainly more to do but with fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen," said Anand Nallathambi, president and CEO of CoreLogic. "The trend toward more homeowners moving back into positive equity territory should continue in 2013."

About 20 percent of the homeowners with positive equity have less than 20 percent equity in their homes, which CoreLogic characterizes as "under-equitied." A total of 2.3 million had less than 5 percent.

More highlights from the report:




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