The number of residential properties in negative
equity edged up slightly in the first quarter in Greater Des Moines, according
to real estate analytics firm CoreLogic Inc.
Mortgages in negative equity,
meaning borrowers owe more than the properties are worth, rose to 14,906, or
13.3 percent of all residential properties with a mortgage, from 14,788 in the
fourth quarter of 2012, CoreLogic said today.
The national aggregate value of
negative equity decreased more than $50 billion to $580 billion at the end of
the first quarter from $631 billion at the end of the fourth quarter of 2012,
driven in large part by an improvement in home prices, according to a news
Negative equity, also referred to as being upside down or underwater
on a loan, can occur because of a decline in value, an increase in mortgage
debt or a combination of both.