Home equity is improving in Fresno County as rising home prices push up the value of houses, according to a first-quarter negative equity report released Wednesday.
In Fresno, 52,793 borrowers, representing 35.2% of all mortgage loans, owed more than the value of their home, according to CoreLogic, a real estate tracking firm in Santa Ana.
At the end of 2012, 57,864 borrowers, or 38.5% of all mortgages, had negative equity.
Visalia and Porterville homeowners are doing slightly better. About 23,230 borrowers, or 33.9% of all borrowers, were underwater in the first quarter of this year compared to 25,363 loans, or 37%, at the end of last year.
“The negative equity burden continues to recede across the country thanks largely to rising home prices,” said Anand Nallathambi, CoreLogic’s president and chief executive officer. “We are still far below peak home price levels, but tight supplies in many areas coupled with continued demand for single family homes should help us close the gap.”
Nationally, 9.7 million, or 19.8%, of all loans were in negative equity at the end of the first quarter compared to 10.5 million, or 21.7%, at the end of 2012.