According to CoreLogic, the rising home prices in the 1st quarter of this helped bring 700,000 homeowners abovewater. However, 11.4 million still owe more than their homes are worth according to the latest report from CoreLogic.
The number of U.S homeowners with negative equity declined by 6 percent in the first quarter compared to the fourth quarter, leaving 23.7 percent of all homes with mortgages underwater. That’s down from 25.2 percent in the fourth quarter.
“In the first quarter of 2012, rebounding home prices, a healthier balance of real estate supply and demand, and a slowing share of distressed sales activity helped to reduce the negative equity share,” said Mark Fleming, chief economist for CoreLogic, in a statement.
California and in particular, Stockton, negative equity homes still remain high. 30-50% of homeowners are still underwater according to the recent CoreLogic data as of Q1 2012.