Posted on September 10, 2013 - 08:40 AM
by Valerie Littrell
Thanks to a sharp increase in home prices last quarter, 2.5 million more mortgage borrowers no longer owe more on their homes than they are worth, according to CoreLogic.
By the end of June, 7.1 million, or 14.5%, of mortgage borrowers remained underwater on their loans compared with 9.6 million, or 19.7%, at the end of the first quarter, CoreLogic reported. In late 2009, during the worst of the housing market's meltdown, 26% of all borrowers owed more on their mortgages than they were worth.