U.S. Homeowners ‘Underwater’ on Loans Drop as Foreclosures Mount
This article is for subscribers only.
The number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc.
About 10.88 million homes, or 22.5 percent of those with a mortgage, were “underwater” as of June 30, the Santa Ana, California-based company said. That’s down from 10.91 million, or 22.7 percent, in the prior three months. Another 2.42 million borrowers had less than 5 percent equity at the end of the second quarter, bringing the total properties with negative or near-negative equity to 27.5 percent of mortgaged homes.