The nation's negative equity rate dipped closer to single digits in the year's second quarter, though nearly one in five borrowers remain poorly positioned, according to new data released Thursday.
Nearly 946,000 homes returned to positive equity in the second quarter, meaning the mortgage holders owe less on their loan than the property's worth. With the most recent quarterly increase, CoreLogic estimates the total number of mortgaged homes with equity across the country has surpassed 44 million. In total, borrower equity increased year-over-year in Q2 by approximately $1 trillion nationwide—"evidence that things are moving solidly in the right direction," said Sam Khater, deputy chief economist for CoreLogic. "Borrower equity is important because home equity constitutes borrowers' largest investment segment and, as a result, is driving forward the rise in wealth for the typical homeowner," read more.
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