Home equity continues to improve in Fresno County, according to a report from RealtyTrac.
About 41,461 borrowers, representing 22% of all mortgage loans, owed significantly more than the value of their homes during the third quarter of the year, the online housing data company said.
That’s a decrease from the second quarter when 44,399 borrowers, or 24% of all loans, was seriously underwater or owed at least 25% more than their property is worth.
Statewide, the number of seriously underwater mortgages fell slightly to 938,704 in the third quarter compared to a little over a million during the previous quarter.
“The decrease in underwater properties is promising,” said Daren Blomquist, RealtyTrac’s vice president.
But an estimated $1.4 trillion in negative equity remains nationwide and a slow down in home price appreciation means underwater homeowners still “have a long road back to positive equity.”