Nationwide the number of mortgages that were higher than the value of the house fell slightly during the third quarter, according to a report released this morning by CoreLogic, a national real estate research company. It said that 22.5 percent or 10.8 million mortgages were in negative equity. That's down slightly from 23 percent during the second quarter.
The declines came largely because of foreclosures of severely negative equity properties rather than an increase in home values.
The Twin Cities metro area fared a bit better than the rest of the nation, 17 percent or almost 80,000 homeowners owed more than their house was worth. With 67 percent of all mortgages underwater, Nevada fared the worst, followed by Arizona, Florida, Michigan and California.