Mortgage Minus

In 16Q2, 12.1% of homes with a mortgage were underwater, down from 14.4% a year ago and down from the negative equity peak of an astonishing 31.4% in 12Q1. On average, 19.4% of homes valued in the bottom third of all homes are underwater, 10.6% in the middle third are, and only 7.5% of homes in the top third are. No wonder there are few affordable homes for sale.