One in 10 Twin Cities homeowners owe more than their house is worth
- Blog Post by: Jim Buchta
- December 17, 2013 - 12:16 PM
One in 10 Twin Cities homeowners with a mortgage owe more than their house is worth, but that's a significant improvement compared with earlier this year. That's according to the latest data from CoreLogic, which says that because of higher home prices, nearly 791,000 more residential properties nationwide returned to a state of positive equity during the third quarter of 2013, and the total number of mortgaged residential properties with equity currently stands at 42.6 million.
Still, nearly 6.4 million homes, or 13 percent of all residential properties with a mortgage across the country, were still in negative equity at the end of the third quarter of 2013. That's down from 7.2 million homes, or 14.7 percent of all residential properties with a mortgage, at the end of the second quarter of 2013.
In the Twin Cities metro, 9.9 percent, or 55,773, of all homes with a mortgage were in negative equity as of the third quarter 2013 compared to 13.3 percent, or 72,911 properties during the previous quarter of 2013. Of the top 25 metros in the country, homeowners in the Orlando metro-area are faring the worst, with nearly 33 percent of homes in negative equity.
Here's link to the full report.
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