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CoreLogic Reports 2.5 Million More Residential Properties Return To Positive Equity In Second Quarter Of 2013

Stocks in this article: CLGX

"Equity rebuilding continued in the second quarter of this year as the share of underwater mortgaged homes fell to 14.5 percent," said Dr. Mark Fleming, chief economist  for CoreLogic. "In just the first half of 2013 almost three and a half million homeowners have returned to positive equity, but the pace of improvement will likely slow as price appreciation moderates in the second half."

"Price appreciation obviously had a positive impact on home equity over the first half of 2013, especially the second quarter," said Anand Nallathambi, president and CEO of CoreLogic. "Despite the substantial decrease in negative equity, there's more ground left to gain with the 7.1 million U.S. residences that remain underwater."

Highlights as of Q2 2013:

  • Nevada had the highest percentage of mortgaged properties in negative equity at 36.4 percent, followed by Florida (31.5 percent), Arizona (24.7 percent), Michigan (22.5 percent), and Georgia (20.7 percent). These top five states combined account for 34.9 percent of negative equity in the U.S.
  • Of the largest 25 metropolitan areas, Miami- Miami Beach-Kendall, Fla. had the highest percentage of mortgaged properties in negative equity at 36.5 percent, followed by Tampa- St. Petersburg-Clearwater, Fla. (33.8 percent), Phoenix- Mesa- Glendale, Ariz.  (25.6 percent), Riverside- San Bernardino- Ontario, Calif. (24.8 percent) and Warren- Troy- Farmington Hills, Mich. (24.3 percent).
  • Of the total $428 billion in negative equity, first liens without home equity loans accounted for approximately one-half, or $217 billion aggregate negative equity, while first liens with home equity loans accounted for the remaining $211 billion.
  • 4.3 million upside-down borrowers hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $217,000. The average underwater amount is $51,000.
  • 2.8 million upside-down borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $292,000.The average underwater amount is $75,000.
  • The bulk of home equity for mortgaged properties is concentrated at the high end of the housing market. For example, 91 percent of homes valued at greater than $200,000 have equity compared with 80 percent of homes valued at less than $200,000.

*First quarter 2013 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

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