Negative equity in the housing market, one of the hangovers from the housing bubble, is disappearing in the Albuquerque metro area at a comparatively slow rate, according to Irvine, Calif.-based CoreLogic.
As of the third quarter, 8.7 percent of homes with a mortgage were in negative equity in the area, meaning they were worth less than what was owed on the mortgage, down from 9.8 percent in the third quarter of 2015 and 11.3 percent in the third quarter of 2013.
The negative equity rate in the state was a slightly lower 8.4 percent in the third quarter, down from 8.9 percent in the third quarter of 2014 and 10.3 percent in the third quarter of 2013. Homes with negative equity are often called “underwater.”
The average rate nationwide was 8.1 percent in the third quarter, down from 10.4 percent last year and 13 percent in the third quarter of 2013.
