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Fewer Tampa Bay homeowners are underwater on their mortgages

 
The percentage of Tampa Bay homeowners underwater on their mortgages  continues to drop. [Times file photo]
The percentage of Tampa Bay homeowners underwater on their mortgages continues to drop. [Times file photo]
Published Sept. 21, 2017

The percentage of Tampa Bay homeowners underwater on their mortgages continues to drop. In the second quarter of this year, 10.2 percent of borrowers had negative equity compared to nearly 15 percent in the same period a year ago, CoreLogic reported Thursday. Nationally, 5.4 percent of all mortgaged homes were underwater, down almost two percentage points from 2016's second quarter.

"Over the last 12 months, approximately 750,000 borrowers (nationwide) achieved positive equity," said Frank Nothaft, CoreLogic's chief economist. "This means that mortgage risk continues to decline, and given the continued strength in homes prices, CoreLogic expects home equity to rise steadily over the next year."