Rising home prices continue to pull Fresno homeowners out from their underwater mortgages, but the pace of improvement could soon slow down, according to a second quarter negative equity report released Tuesday.
In Fresno, 42,455 borrowers, representing 28.4% of all mortgage loans, owed more than the value of their home during the second quarter of the year, according to CoreLogic, a real estate tracking firm in Santa Ana.
In the first quarter, 53,637 borrowers, or 35.7% of all mortgages, had negative equity or were underwater.
The increase in home prices and values continue to help rebuild equity nationwide the first half of 2013, Corelogic officials said.
“But the pace of improvement will likely slow as price appreciation moderates in the second half,” said chief economist Mark Fleming.