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Slight Uptick in Seriously Underwater Homes

IRVINE, CA—While lower than 2005 peak, Q2 the was second consecutive quarter with a slight increase in both the number and share of seriously underwater properties.

By David Phillips | Updated on August 10, 2015

IRVINE, CA—RealtyTrac has released its Q2 2015 U.S. Home Equity & Underwater Report, which shows that as of the end of the second quarter there were 7,443,580 US residential properties that were seriously underwater. That measure, is where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value. And the 7.4 million figure representing 13.3% of all properties with a mortgage.

The second quarter underwater numbers were up from 7,341,922 seriously underwater homes representing 13.2% of all homes with a mortgage in the previous quarter — making Q2 the second consecutive quarter with a slight increase in both the number and share of seriously underwater properties. But the numbers are down from 9,074,449 (17.2%) in the second quarter of 2014. The number and share of seriously underwater homes peaked in the second quarter of 2012 at 12,824,729 seriously homes representing 28.6% of all homes with a mortgage.

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