The number of homes nationwide with negative equity dropped significantly in the second quarter, according to the financial information firm CoreLogic.
Underwater properties fell 16% from the previous quarter, to 5.3 million. Approximately 10.7% of all residential property owners nationwide owned more on their mortgages than their homes were worth.
“Many homeowners across the country are seeing the equity value in their homes grow, which lifts the economy as a whole, said Anand Nallathambi, CoreLogic’s president and chief executive, in a news release Thursday.
At the state level, Nevada and Florida had the highest percentage of underwater borrowers, at 26.3% and 24.3%, respectively.