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.”
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