The property and financial analysis firm CoreLogic said Thursday that 31.6 percent of homes with mortgages in Tacoma “were in negative equity” in the first quarter.
The property and financial analysis firm CoreLogic said Thursday that 31.6 percent of homes with mortgages in Tacoma “were in negative equity” in the first quarter.
“Negative equity” means that borrowers owed more on their mortgages than their homes are worth. Negative equity, CoreLogic explains, can occur because of a decline in the value of a property, an increase in mortgage debt or a combination of both.
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Five years ago, Hung Vuong was harvesting coffee beans in Dak Lak Province of Vietnam’s Central Highlands. On Saturday, he was hacking weeds in the backyard of his new two-story house in South Tacoma.
Wells Fargo, the country’s biggest mortgage lender, reported record earnings for the fourth quarter Friday, beating analysts’ expectations for both profit and revenue. The bank made more loans, gained deposits and enjoyed above-average returns from the investments made by its private equity business.
The fallout from the Pierce Bank mortgage fraud case continued in U.S. District Court in Tacoma this week.
The Obama administration’s Home Affordable Refinance Program is at last helping legions of American homeowners with upside-down mortgages.
Sales of newly constructed homes rose 4.4 percent in November from the month before.
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