The number of properties underwater declined slightly in the second quarter, according to a new report released by CoreLogic.
However, the turn-around isn’t significant. CoreLogic reported that 10.9 million, or 22.5%, of all residential properties with a mortgage were in negative equity at the end of the 1Q11, down very slightly from 22.7% in the first quarter.
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The securitization is backed by a 174,000-square-foot, 30-megawatt hyperscale data center in Elk Grove Village near Chicago.
The new record arrives after five months of annual home-price growth, which surged to its highest in more than a year, according to ICE Mortgage Technology.
The Bureau of Economic Analysis' personal consumption expenditures inflation report for May showed that inflation had risen 4.1%, meeting elevated expectations and casting further doubt on the prospects of near-term interest rate cuts from the Federal Reserve.
Approximately 54% of homeowners looked to a second lien product to access their home's stored value in the first quarter due to the "lock-in effect."
Serious delinquency transitions in older mortgages inched up, hinting at the impact of an FHA rule change's impact in conjunction with other stressors.
