Percentage of underwater homes in R.I. rises to 25.8% in 1Q

The number of homes in Rhode Island with underwater mortgages increased to 25.8 percent during the first quarter of 2013, CoreLogic reported Wednesday. More

To continue reading this article, please do one of the following.



housing

Percentage of underwater homes in R.I. rises to 25.8% in 1Q

COURTESY CORELOGIC
AS THE PERCENTAGE of underwater homes fell in the U.S. in the first quarter, the percentage of underwater homes in Rhode Island rose to 25.8 percent.
Posted 6/12/13

PROVIDENCE – The number of homes in Rhode Island with underwater mortgages increased to 25.8 percent during the first quarter of 2013, CoreLogic reported Wednesday.

There were 59,340 properties in the Ocean State worth less than the outstanding mortgages on them in the January to March period this year, according to the Santa Ana, Calif.-based real estate data firm, an increase from the 53,352 during the last three months of 2012.

That increased the state’s rate of underwater mortgages to 25.8 percent, up from 23.4 percent in the 2012 fourth quarter.

Massachusetts had 225,150 underwater properties in the first quarter, 15 percent of all 1.5 million mortgages in the state.

This represented a 0.9 percentage point decrease from the 228,228 – or 15.9 percent of homes with a mortgage – during the fourth quarter of 2012.

Nationwide, there were 9.5 million homes with underwater mortgages in the first quarter, or 19.8 percent of the market, down from the 10.4 million in the last three months of 2012.

“The negative equity burden continues to recede across the country thanks largely to rising home prices,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “We are still far below peak home price levels, but tight supplies in many areas coupled with continued demand for single-family homes should help us close the gap.”

To view the full report, visit: www.corelogic.com.

Calendar
PBN Hosted
Events

Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement