The number of US home owners suffering underwater mortgages dropped slightly in the third quarter, although the levels remained high, said CoreLogic.
According to the data analysis firm, the number of negative equity (the amount owed on the mortgage which exceeds the properties’ current market value) hit 10.7 million, around 22.1 percent of all residential properties with a mortgage.
CoreLogic said this was a slight drop from 10.9 million (22.5 percent) in the second quarter.
“Although slightly down, negative equity remains very high and renders many borrowers vulnerable when negative economic shocks occur, such as job loss or illness,” said Mark Fleming, Chief Economist at CoreLogic.
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