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1 in 10 metro homes still underwater – a notable improvement


One in 10 metro homeowners is underwater in their mortgage – a notably improved snapshot of the Twin Cities housing market since earlier this year, according to new data from CoreLogic.

The California-based real estate and consumer information company had noted that the Twin Cities during the second quarter of the year had 13.3 percent, or 72,911 properties, that remained in "negative equity," in which borrowers owed more on their mortgages than their homes were worth.

The trend of homeowners gaining ground was at play across the country, too, according to the report. Nationwide, nearly 6.4 million homes, or 13 percent of homeowners, were still underwater the end of the third quarter of 2013 – fewer than the 7.2 million, or 14.7 percent of homeowners, from the previous quarter.

Minnesota ranked No. 26 on a list of states ranked by percentage of homes underwater. These states had the most homes underwater, as a percentage: Nevada, Florida, Arizona, Ohio, Georgia, according to the report.

These states were in the best shape, with the highest percentage of homes in positive equity: Alaska, Texas, Montana, North Dakota, Wyoming.

The latest reports follows a string of other bits of good news related to the metro housing market.

Last week, Twin Cities Realtors reported what might seem like a paradox – that a drop in home sales means the market is stronger.

In the latest 20-city Case-Shiller index report, Minneapolis had a 0.8 percent jump in home prices from August to September. Home prices in Minnesota’s biggest city were up 10.1 percent from the same point last year, according to the survey.

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