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NYC-area underwater mortgages flat in Q3

The level of underwater mortgages in the greater New York City metro region remained relatively flat between the second and third quarters of the year, according to a report released today by data tracking firm CoreLogic. Of the 1.13 million mortgages tracked in the region, which CoreLogic defines as New York City, White Plains and Wayne, N.J., roughly 10.8 percent were underwater in the third quarter, down just .1 percent from the previous quarter. Those mortgages that are “near negative equity” (within 5 percent of being considered underwater) dropped .1 percent as well, quarter-over-quarter, to 2.9 percent from 3 percent. Nationwide, the percentage of underwater mortgages dropped for the third consecutive quarter, according to the report. CoreLogic data shows that 10.8 million — or 22.5 percent — of all mortgages in the U.S. are currently underwater, down .5 percent from the second quarter, which saw 11 million such loans. TRD

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