Fairfield County homes surfacing from negative equity

Negative EquityIn the first quarter of 2015, about 1,450 fewer homes in the lower Fairfield County area were “underwater” according to CoreLogic, in cases where homeowners owe more than the value of their properties.

In the first quarter, about 22,480 homes in lower Fairfield County had negative equity, or 10.7 percent of the mortgages outstanding, compared to 11.4 percent in the fourth quarter of 2014 and 12.2 percent a year ago.

The total number of mortgaged residential properties with negative equity is now at 5.1 million, or 10.2 percent of all mortgaged properties. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

Irvine, Calif.-based CoreLogic determined the Tampa, Fla. area to have the worst rate of negative equity in the nation at 23.1 percent, with the state of Florida’s 21.2 percent rate of negative equity trailing only Nevada’s 23.1 percent rate.

Rhode Island had the highest rate in the Northeast at 15.7 percent, with Connecticut at 12 percent.