The negative equity level among homeowners in the Bridgeport-Stamford-Norwalk corridor declined on a year-over-year basis during the fourth quarter of 2016, according to new data released by CoreLogic.
During the final three months of last year, 20,702 residential properties with a mortgage, or 9.7 percent, in this Lower Fairfield County market, were in negative equity. This is lower than the 23,277 properties, or 11 percent, recorded in the fourth quarter of 2016. However, the fourth quarter was 0.3 percent higher than the third quarter, which saw 20,036 properties in negative equity.
CoreLogic also reported that an additional 5,045 properties, or 2.4 percent, were in near-negative equity – less than 5 percent equity – in the fourth quarter, down from the 5,572, or 2.6 percent, one year earlier but up slightly from the 4,946, or 2.3 percent, in the third quarter.
On a state level, Connecticut recorded a 9.3 percent share of negative equity and a 2.6 percent share of near-negative equity, which was higher than the national averages of 6.2 percent and 1.2 percent, respectively.