Underwater mortgages on the decline
The number of upside-down mortgages in the midstate continues to improve, according to real estate research firm California-based CoreLogic.
Here is where the area stood as of the first quarter:
• York-Hanover: 12.8 percent, or 8,406, of all residential properties with a mortgage were in negative equity in the first quarter. That was down from 16.9 percent, or 10,753 properties, in the fourth quarter of 2012.
• Harrisburg-Carlisle: 12.1 percent, or 8,863 properties, in the first quarter. That was down from 13.4 percent, or 9,707 properties in the fourth quarter.
• Lancaster: 6.7 percent, or 6,758 properties, in the first quarter. That was down from 7.5 percent, or 7,610 properties in the fourth quarter.
Nationally, 850,000 residential properties returned to positive equity in the first quarter, according to CoreLogic. There were 9.7 million, or 19.8 percent, of all properties in negative equity, compared with 10.5 million, or 21.7 percent in the fourth quarter.
The national aggregate value of negative equity decreased more than $50 billion to $580 billion at the end of the first quarter, according to CoreLogic, citing improvements in home prices as the primary reason.