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‘Underwater’ mortgages: Midstate posts 9 percent drop in Q3

Less than 17,000 midstate borrowers were “underwater” on their mortgages in the third quarter of 2014.

Negative equity mortgages dropped 9.4 percent to 16,641 in the third quarter compared to 18,359 in the second quarter, according to the latest equity report from California-based CoreLogic Inc.

The Harrisburg-Carlisle area saw the biggest drop to 7 percent, or 5,485 residential properties with an underwater mortgage, compared to 9.5 percent in the second quarter.

An underwater, or upside down, mortgage means that borrowers owe more on their mortgages than their homes are worth. This occurs because of a decline in value, an increase in mortgage debt, or a combination of both.

In Lancaster County, 4,503, or 4.4 percent, of mortgaged properties were underwater, according to CoreLogic. That was down from 4,746 in the second quarter.

In York-Hanover, the number of underwater properties grew to 6,653, or 9.3 percent, in the third quarter. There were 6,275, or 8.8 percent, in the second quarter, according to CoreLogic.

Lebanon County data was not available.

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