Homeowners underwater in New York area plummets

New York /
Jun.June 12, 2013 06:00 PM

Rising home prices have helped right nearly two million upside-down mortgages across the U.S. this year. In New York-White Plains-Wayne, negative equity declined slightly from 12 percent of all residential properties with a mortgage to 11 percent, or 126,083 properties, according to an analysis by Irvine, Calif.-based CoreLogic.

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

Nationally, underwater mortgages declined to 9.7 million, or 19.9 percent of mortgaged residential properties, from 10.5 million, or 21.7 percent, from the fourth quarter of 2012 to the first quarter of this year.

The national aggregate value of underwater mortgages decreased in the first quarter by more than $50 billion to $580 billion from $631 billion at the end of the fourth quarter of 2012.

Most home equity is concentrated at the high-end of the housing market, according to Corelogic. About three out of four homes valued at less than $200,000 have positive equity, compared to 88 percent of homes greater than $200,000. –Emily Schmall


Related Articles

arrow_forward_ios
Multifamily market refis lead biggest outer-borough loans
Multifamily market refis lead biggest outer-borough loans
Multifamily market refis lead biggest outer-borough loans
Vornado's Steven Roth and Donald Trump with 1290 Sixth Avenue (Getty, VNO)
Vornado, Trump top Manhattan’s largest loans in November
Vornado, Trump top Manhattan’s largest loans in November
(One Boerum Place)
Luxury rentals prove loan-worthy in outer boroughs
Luxury rentals prove loan-worthy in outer boroughs
Bromley Companies CEO Neal McGraw (Bromley, 122 Fifth Ave)
Microsoft’s Manhattan landlord scores $170M loan
Microsoft’s Manhattan landlord scores $170M loan
The Collective's Reza Merchant and 1215 Fulton Street in Bedford-Stuyvesant (NLA, The Collective)
Co-living startup The Collective to lose another Brooklyn development project
Co-living startup The Collective to lose another Brooklyn development project
Top October loans: Cash cows, big buys, foreclosure avoidance
Top October loans: Cash cows, big buys, foreclosure avoidance
Top October loans: Cash cows, big buys, foreclosure avoidance
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
The Shoppes at Buckland Hills in Connecticut (Google Maps, iStock)
CMBS delinquencies plunge, but still above pre-pandemic levels
CMBS delinquencies plunge, but still above pre-pandemic levels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...