Number of underwater homeowners grows: CoreLogic

 · But for 35,000 homeowners with mortgages, the fourth quarter of 2018 saw them added to those who owe more than their home is worth. The total number of underwater homes rose 1.6% quarter-over-quarter to 2.2 million, a 4.2% share of all homes with a mortgage.

At the end of the third quarter, 10.7 million homeowners owed more on their mortgages than their home is worth, according to new data from CoreLogic. That is down but a smidgen from the second quarter.

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While this was the first quarterly increase in negative equity since 2015, the number of underwater residences was still down on an annual basis. In its Home Equity Report for the fourth quarter of.

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 · Among homeowners who took out home equity loans, lines of credit or other subordinate loans, however, 38 percent have homes considered underwater, CoreLogic said.

The new underwater statistics are an impressive turnaround from the height of the recession when more than one in four American homeowners were underwater. Rising values have given home owners $227 billion in new equity last quarter – a 3.1 percent increase over the second quarter of 2016. In California, the average gain a homeowner has seen their home values increase $25,000 in the last few months.

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About six out of 10 homeowners with mortgages experienced year-over-year equity increases of more than 10 percent, according to an analysis by CoreLogic. However, CoreLogic’s Q2 2017 Home Equity analysis also found that 2.8 million residential properties still have mortgages with negative equity, even as the number of underwater homes.

SunTrust’s geographic market includes a huge number of homeowners underwater, with many more now eligible under. of the market in February according to CoreLogic (CLGX). Income from mortgage.

“Our forecast for the CoreLogic Home Price Index predicts there will be a a 4.5 percent increase in our national index from December 2018 to the end of 2019,” said Frank Nothaft, chief economist at CoreLogic.. this would lift about 350,000 homeowners from being underwater and restore positive equity.”. it grows more than 50.