Fewer Fresno County mortgages are underwater.
It’s been awhile since I’ve shared underwater mortgage activity. That’s because the number of borrowers who owe more than the value of their homes has fallen dramatically as the economy recovers and the housing market strengthens.
But it’s always good to take a look at where the numbers stand. In Fresno, 24,890 borrowers, or 16.4 percent, of all mortgage loans were underwater at the end of the second quarter this year, according to a report from CoreLogic, a real estate tracking firm in Santa Ana.
Last year at the same time, 30,100 properties representing 20.1 percent of all loans were underwater.
“For much of the country, the negative equity epidemic is lifting,” said Anand Nallathambi, CoreLogic’s president and chief executive officer.
“The biggest reason for this improvement has been the relentless rise in home prices over the past three years which reflects increasing money flows into housing and a lack of housing stock in many markets.”