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Number of homes with underwater mortgages falls

CHARLOTTE – The percentage of Charlotte-region homeowners carrying negative equity on the homes is decreasing more quickly than nationally, according to a report by CoreLogic, a residential property information services provider.

At the end of the first quarter of 2013, 13 percent home mortgage-holders in the Charlotte-Gastonia-Rock Hill area owed more money than the homes were worth, compared to 17.6 percent at the end of the fourth quarter of 2012, a drop of 26 percent, according to the report. Nationally, 19.8 percent of all homes with a mortgage were underwater at the end of 2013’s first quarter, a drop from 21.7 percent at the end of 2012’s last quarter.

Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

“The negative equity burden continues to recede across the country thanks largely to rising home prices,” said Anand Nallathambi, president and CEO of CoreLogic. “We are still far below peak home price levels, but tight supplies in many areas couple with continued demand for single family homes should help us close the gap.”

At the end of this year’s first quarter, 50,292 homes in the Charlotte region carried negative equity, CoreLogic reported, down from 68,163 at the end of the last quarter of 2012.

 

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