The national negative equity rate continued to drop in the
second quarter as home values marched upward, according to figures released by Zillow.
Zillow’s most recent Negative Equity Report shows approximately
12.2 million homeowners owed more on their mortgage than their home is worth
last quarter, down from 13 million in the first quarter and 15.3 million the
same time last year.
Those 12.2 million underwater homeowners represent approximately
23.8 percent of all homeowners with a mortgage, Zillow said. The negative
equity rate among all homeowners—including those without a mortgage—was 16.7
percent at the end of the quarter. (Roughly one-third of homes are owned
without a mortgage.)
For the second quarter of 2014, Zillow predicts the negative
equity rate will fall to 20.9 percent, lifting an additional 1.9 million
homeowners into positive equity.
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