Fewer midstate mortgages taking on water
More than 2,000 residential properties with a mortgage in the midstate surfaced from negative equity positions in the third quarter compared with the second quarter, according to California-based real estate research firm CoreLogic.
CoreLogic found that nearly 6.4 million homes, or 13 percent of all U.S. homes with a mortgage, were still upside down or underwater in the third quarter. That was down from 7.2 million in the second quarter.
Here is where Central Pennsylvania stood through three quarters:
• Lancaster County: 4.7 percent, or 4,788 properties, were in negative equity. That was down 513 from the second quarter.
• Harrisburg-Carlisle: 7.9 percent, or 5,944 properties, were upside down. That was down 930 from the second quarter.
• York-Hanover: 9.3 percent, or 6,345 properties, were underwater. That was down 575 from the second quarter.
The national aggregate value of negative equity was $397 billion at the end of the third quarter, according to CoreLogic, citing improvements in home prices as the primary reason. That was down from $430 billion at the end of the second quarter.
“Negative equity will decline even further in the coming quarters as the housing market continues to improve,” said Mark Fleming, chief economist for CoreLogic.