BOSTON (CBS) – The housing market appears to be gaining strength, as more homes emerge from being underwater on their mortgages.
A report from RealtyTrac finds the rate of negative equity, where homes are worth less than the value on their mortgage, is improving.
“(Negative equity) has been one of the major lingering problems from the housing crisis,” according to RealtyTrac Vice President Daren Blomquist.
He notes the Boston market has improved quickly.
“As of the end of December, 11% of homeowners in the Boston metro area were underwater. That was much below the national average of 19%.”
Just two years ago, almost 1 in 3 homeowners nationwide were under water. But now in Massachusetts, that number is down to 1 in every 10.