PROVIDENCE – In the third quarter of 2017, 7.5 percent of mortgaged homes in Rhode Island had negative equity mortgages, according to CoreLogic Thursday.
Year over year, the share of negative equity mortgages, or underwater mortgages, declined 2.5 percentage points in the third quarter from 10 percent in the 2016 third quarter, when Rhode Island had the fifth-highest underwater-mortgage rate in the nation.
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In the second quarter of 2017, 8.6 percent of mortgaged homes in Rhode Island were “underwater.”
It is worth noting the CoreLogic report did not include Maine, Mississippi, South Dakota, Vermont and West Virginia due to insufficient data.
Nationally, negative equity declined 22 percent year over year, falling by 700,000 homes.
An economist for CoreLogic primarily attributed this to rising home prices.
Year over year, Rhode Island homes earned an average of $16,296 in equity.
Nationally, U.S. home equity was estimated to have increased by a collective $870.6 billion.
Chris Bergenheim is the PBN web editor.
