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Underwater Homes Down 1 Million Year-over-Year
Thursday, March 10, 2016
The share of homeowners with positive equity in their homes crossed the 90 percent mark in 2015 according to CoreLogic. Over the course of the year 1 million previously underwater homeowners regained a portion of the equity they lost when the housing market crashed in the middle of the last decade. That brought the total number of houses valued for more than the unpaid principal balance of their mortgage or mortgages to 46.3 million properties or 91.5 percent of all mortgaged homes. The dollar value of borrower equity increased by $652 billion in the fourth quarter of 2015 compared to the fourth quarter of 2014.
At the end of the year, there were approximately 4.3 million properties that were still underwater, 8.5 percent of mortgaged homes. This was a decrease of 1 million or 19.1 percent year over year.
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