Underwater mortgage holders dropped by more than half

The share of underwater mortgage holders — those who owe more than their homes are worth — has dropped by more than half since peaking in early 2012, according to new data from Zillows.

The decline was driven by rising home values at the lower end of the market, a turnaround from last year. Condominiums were the exception, as their values continued to lag nationwide.

As of the second quarter of 2015, Zillow’s data, which was released earlier this month, showed that 14.4 percent of homeowners with a mortgage had negative equity, compared with 31.4 percent in the first quarter of 2012, the peak.

read more at: http://www.nytimes.com/2015/09/20/realestate/fewer-underwater-mortgage-holders.html?ref=realestate

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