Back HomeCORELOGIC: 2.5M MORE U.S. HOMEOWNERS NOT UNDERWATER
CoreLogic: 2.5M more U.S. homeowners not underwater
IRVINE, Calif. – Sept. 10, 2013 – CoreLogic’s latest analysis finds about 2.5 million more residential properties returned to positive equity during the second quarter of 2013, as homeowners emerged from underwater.The total number of mortgaged residential properties with equity stood at 41.5 million in the second quarter, while 7.1 million homes – 14.5 percent of all residential properties with a mortgage –still had negative equity. That’s down from 9.6 million homes, or 19.7 percent of all residential properties with a mortgage, at the end of the first quarter of 2013.
Florida ranked second for the number of homes underwater – 31.5 percent. Nevada had the highest percentage of mortgaged properties in negative equity at 36.4 percent, with Florida followed by Arizona (24.7 percent), Michigan (22.5 percent) and Georgia (20.7 percent). Altogether, the top five states accounted for 34.9 percent of all negative equity in the U.S.
Of the largest 25 metropolitan areas in the U.S., two Florida metros landed the top two spots: Miami-Miami Beach-Kendall had the highest percentage of mortgaged properties in negative equity at 36.5 percent, followed by Tampa-St. Petersburg-Clearwater (33.8 percent). They were followed by Phoenix-Mesa-Glendale, Ariz. (25.6 percent), Riverside-San Bernardino-Ontario, Calif. (24.8 percent) and Warren-Troy- Farmington Hills, Mich. (24.3 percent).
Overall, CoreLogic says Florida’s mortgage homeowners have, on average, a loan-to-value ratio of 74.8 percent and an equity share of 68.5 percent.
About 3.3 percent of Florida homeowners are close to having equity with an LTV of at least 95 percent; and about 3.7 have only a little equity with an LTV less than 105 percent.
“Equity rebuilding continued in the second quarter of this year,” says Dr. Mark Fleming, chief economist for CoreLogic. “In just the first half of 2013, almost three and a half million U.S. homeowners have returned to positive equity – but the pace of improvement will likely slow as price appreciation moderates in the second half.”