Fewer Fresno homeowners underwater on mortgages, report says

Posted by BoNhia Lee on December 17, 2013 

Thousands of Fresno County homeowners returned to positive home equity during the third quarter of the year thanks to an improving housing market, according to a report released Dec. 17.

FRESNO BEE ILLUSTRATION

Thousands of Fresno County homeowners returned to positive home equity during the third quarter of the year thanks to the improving housing market, according to a negative equity report released Tuesday.

In Fresno County, 37,068 borrowers, representing 24.6% of all mortgage loans, owed more than the value of their homes, according to CoreLogic, a real estate tracking firm in Santa Ana.

That’s more than 5,000 fewer borrowers compared to the second quarter of the year when 42,227, or 28.2% of all mortgages, had negative equity.

In the Visalia and Porterville area, 16,185 borrowers, or 23.6% of all loans, were underwater compared to 18,816 loans or 27.6%, during the second quarter.

“Rising home prices continued to help homeowners regain their lost equity in the third quarter of 2013," said chief economist Mark Fleming. "Negative equity will decline even further in the coming quarters as the housing market continues to improve."

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