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Growing number of midstate mortgages in negative equity

By - Last modified: March 19, 2013 at 10:39 AM

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While 200,000 more residential properties nationally regained positive equity in the fourth quarter, a growing number of midstate mortgages were underwater, according to California-based real estate research firm CoreLogic.

In the York-Hanover area, 18.6 percent of all residential properties with a mortgage were in negative equity in the fourth quarter. That was up from 14.1 percent in the third quarter.

An additional 7.4 percent were in near-negative equity compared with 6.9 percent in the previous quarter, according to CoreLogic.

Negative equity means that a borrower owes more on their mortgage than their home is worth. It can occur because of a decline in value, an increase in mortgage debt or a combination of both.

In Lancaster County, 7.3 percent of residential properties with a mortgage were in negative equity compared with 7 percent in the third quarter. And 4.3 percent more were in near-negative equity compared with 4 percent in the third quarter, according to CoreLogic.

In Harrisburg-Carlisle, negative equity captured 13.9 percent of all residential properties with a mortgage compared with 8.7 percent in the third quarter. An additional 7.5 percent were in near-negative equity compared with 5.6 percent in the third quarter.

There was no available report for Lebanon County.

CoreLogic data includes 49 million properties with a mortgage, which accounts for more than 85 percent of all U.S. mortgages.

The aggregate value of negative equity in the U.S. at the end of 2012 was $628 billion. That was down from $670 billion at the end of the third quarter.

Rising home prices helped drive the improvement, according to CoreLogic.

 

Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

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