PROVIDENCE – The share of mortgaged homes in negative equity in Rhode Island declined to 3.8% in the second quarter, CoreLogic said on Monday.
The share of mortgaged homes in the Ocean State with negative equity was 5.5% one year prior and 3.9% in the first quarter of 2020.
The national rate of negative equity was 3.2%, a decline from 3.8% one year prior.
“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” said Frank Martell, president and CEO of CoreLogic. “Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”
Rhode Island homes gained an average of $14,000 in equity year over year, the report found. The average homeowner in the United States saw an increase of $9,800 in equity during the past year.
Rhode Island had the second-highest rate of the four New England states included in the report. The state’s negative-equity share was described as moderate.
Other New England negative-equity rates:
- Connecticut: 6.4%, with an average equity gain of $11,000
- New Hampshire: 3.2%, with an average equity gain of $15,000
- Massachusetts: 2.9%, with an average equity gain of $13,600
- Maine was not included in the report
- Vermont was also not included
The full report can be viewed online but may require free registration.
