CoreLogic released an analysis of residential properties in the first quarter of 2014, focusing specifically on homes with negative equity. The company found that more than 300,000 homes returned to positive equity in the quarter, bringing the total number of mortgaged residential properties with equity to more than 43 million. The company's analysis found that roughly 6.3 million properties, or 12.7 percent of all residential properties with a mortgage, had negative equity as of the first quarter of 2014.
Underwater homes have a national aggregate value of negative equity at $383.7 billion at the end of the quarter, according to CoreLogic. Negative equity is down $16.9 billion from roughly 400 billion in the fourth quarter of 2013. The company commented that of the 43 million residential properties with equity, roughly 10 million have less than 20 percent equity. Homes in this particular situation may have a more difficult time refinancing or obtaining new financing to sell and buy another home due to tougher underwriting standards.
Among the 36 million people who moved between 2012 and 2013, a new study from the United States Census Bureau found that the most important reason people moved was to find a new or better home or apartment. The study reported that 8 percent cited a desire for cheaper housing, while 5 percent said the most important reason for moving was to be closer to work or for an easier commute. In total, 11.7 percent of surveyed participants moved in the year, with 48 percent, or 17.2 million, moving for housing reasons compared to family or employment.