CoreLogic: Negative Equity Continues to Ebb

Although 19.8% of all residential properties with a mortgage still were in negative equity positions during the first quarter, this represented a decline from 21.7% of all properties at the end of the fourth quarter of 2012, according to a CoreLogic report released Wednesday.

The dollar value of properties with negative equity during the first quarter was $580 billion, down from $631 billion during the fourth quarter of last year. The number of negative equity properties during the first quarter was 9.7 million, down from a revised 10.5 million during the last quarter of 2012.

The negative equity burden continues to recede across the country thanks largely to rising home prices, said Anand Nallathambi, president and CEO of CoreLogic, in a press release. During the past year, 1.7 million borrowers have regained positive equity.

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