The number of Central Pennsylvanians who owe more on their mortgages than their homes are worth fell by double digits over the last year, according to California-based CoreLogic.
The biggest drop was in the Harrisburg area, which saw a 17 percent decline in so-called underwater, or negative equity, mortgages in the second quarter compared with the same quarter a year ago.
In the second quarter, the Harrisburg area ha 5,658 homes with an underwater mortgage, down from 6,805 a year ago, according to CoreLogic.
The decline stems largely from rising home prices in an improving housing market, according to CoreLogic. Negative equity is often a result of a drop in home value, an increase in mortgage debt or a combination of the two.
In Lancaster County, the number of underwater mortgages dropped to 3,515 from 4,006 last year, a 12 percent decline.
In York-Hanover, there were 5,052, down 11 percent from 5,675 in the second quarter last year.
CoreLogic has projected that home prices nationally could rise by 5 percent in the coming year, which would lift 700,000 homeowners above water on their mortgages.
