Real Estate News

Report: Fewer California properties underwater; equity-rich homeowners rise

The percentage of California residential properties seriously underwater has dropped considerably over the past year, another sign of the Golden State’s improving real estate environment, according to Irvine-based RealtyTrac.

RealtyTrac said the number of California residential properties considered seriously underwater – in which the loan amount is at least 25 percent higher than the property’s estimated market value – in this year’s second quarter was 9.3 percent, down from 12.6 percent a year ago.

By comparison, the percentage of seriously underwater homes nationwide in the second quarter was 13.3 percent, down from 17.2 percent in the second quarter of 2014.