Since the first quarter of 2013, more than 3 million homeowners have regained positive equity, as home prices have shot up, CoreLogic reported.
In the third quarter, 791,000 more residential properties moved into positive equity, the data aggregator said. But CoreLogic reported that there were still 6.4 million homes with underwater mortgages remaining, or 13 percent of all properties with a mortgage. That’s down from 14.7 percent in the second quarter.
“Rising home prices continued to help homeowners regain their lost equity in the third quarter of 2013,” said Mark Fleming, chief economist for CoreLogic. “Fewer than 7 million homeowners are underwater, with a total mortgage debt of $1.6 trillion. Negative equity will decline even further in the coming quarters as the housing market continues to improve.”