The third quarter of 2014 saw more than a quarter of a million American homes return to positive equity, leaving about one in 10 still underwater, according to CoreLogic's Q3 2014 Equity Report released Thursday. According to the company’s latest estimates, an additional 273,000 U.S. homes recovered to a positive equity position in Q3, bringing the total number of mortgaged homes with equity to approximately 44.6 million—about 90 percent of all mortgaged properties in the nation.
As home values rise and borrowers continue to gain equity, CoreLogic’s analysis indicates that nearly 5.1 million properties are still upside-down on their mortgage. That figure represents about 10.3 percent of all residential properties with a mortgage, compared to about 13.3 percent last year. The bulk of home equity recovered in the last few years has been at the high end of the housing market. CoreLogic's report shows 94 percent of homes valued at more than $200,000 are in positive equity, while 85 percent of homes below that threshold are in the same position.
In a widely anticipated move, U.S. Senator Richard Shelby, a Republican from Alabama, was elected Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs for the 114th Congress, according to an announcement from Shelby's website Thursday. Republican members of the committee elected Shelby on Wednesday and the Senate Republican Conference confirmed his appointment on Thursday. Shelby previously held the position of chairman of the Senate Banking Committee from 2003 to 2006.