CoreLogic: Number of Underwater US Homes Drops by 15% Annually in the Fourth Quarter
Three Northeastern states posted the country’s highest annual equity gains in the fourth quarter: Rhode Island ($62,000), New Jersey ($55,000) and Massachusetts ($53,000).
- Three Northeastern states posted the country’s highest annual equity gains in the fourth quarter: Rhode Island ($62,000), New Jersey ($55,000) and Massachusetts ($53,000).
- As of the fourth quarter of 2023, the quarterly and annual changes in negative equity were:
Quarterly change: From the third quarter of 2023 to the fourth quarter of 2023, the total number of mortgaged homes in negative equity decreased by 1.1%, to 1 million homes or 1.8% of all mortgaged properties. - Annual change: From the fourth quarter of 2022 to the fourth quarter of 2023, the total number of homes in negative equity decreased by 15%, from 1.2 million homes or 2.1% of all mortgaged properties.
- Looking at the fourth quarter of 2023 book of mortgages, if home prices increase by 5%, 114,000 homes would regain equity; if home prices decline by 5%, 162,000 properties would fall underwater.