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.
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