With home prices going higher, over 850,000 borrowers climbed out of a negative position in their homes in the first quarter of 2013. Over the past year that number is 1.7 million.
Overall, 9.7 million borrowers, 19.8% of all residential mortgages were underwater in the first quarter. This is down from 10.5 million or 21.7% of all mortgages in the previous quarter according to CoreLogic.
Nevada continues to be the state with the highest number of upside down borrowers, where 45.4% of residential mortgages are still underwater.
Other states in the top 5 include Florida at 38.1%, Michigan at 32%, Arizona at 31.3% and Georgia at 30.5%. According to CoreLogic, the top 5 states account for 32.8% of all of the negative equity in the US.
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