CoreLogic: Fewer Underwater Mortgages in 3Q. Foreclosure Sales Drove Reduction

"Negative equity is a primary factor holding back the housing market and broader economy," Mark Fleming, chief economist with CoreLogic said Monday as his company released third quarter data showing continued improvement in the number of underwater mortgages. Fleming however warned that price declines are apparently accelerating which could put a stop to or reverse the recent positive trends in equity. CoreLogic reported that 10.8 million or 22.5 percent of all residential properties with mortgages had negative equity at the end of the third quarter compared to 11.0 million or 23 percent at the end of the second quarter. This is the third consecutive quarter in which negative equity declined. The company, however, attributed the most recent decrease to foreclosures of underwater properties...(read more)

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Source: http://www.mortgagenewsdaily.com/12132010_negative_equity.asp

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