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09/12/2013

Number of Fort Worth-Arlington homes in "underwater" declining

 

About 4.6 percent of residential properties with a mortgage in Fort Worth-Arlington were in “underwater” at the end of June, a significant drop from the end of March, according to CoreLogic real estate research firm.

About 17,340 residential properties were in negative equity, meaning borrowers owe more on their mortgages than the property is worth.

The number is down considerably at the end of the first quarter, CoreLogic said.  In March, 8.3 percent of properties locally, or 31,616 residential properties, were underwater.

Nationally, about 2.5 million properties returned to positive equity during the second quarter. CoreLogic said 7.1 million homes, or 14.5 percent of residential properties with a mortgage, were still in negative equity at the end of June. That’s down from 19.7 million, at the end of the first quarter, it said.

“Price appreciation obviously had a positive impact on home equity over the first half of 2013, especially the second quarter," said Anand Nallathambi, CoreLogic’s president and CEO.

_ Sandra Baker

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