Millions of Above-Water Borrowers Lack Enough Equity to Move

BY: TORY BARRINGER

The number of homeowners underwater on their mortgages continued to fall in Q1, but millions still lack enough equity to afford to move, Zillow revealed in its first-quarter Negative Equity Report.

According to the report, the national negative equity rate was 25.4 percent in the last quarter compared to 27.5 percent at the end of 2012. That percentage represents slightly more than 13 million homeowners with a mortgage, Zillow said.

However, when including homeowners with less than 20 percent home equity, the “effective” negative equity rate climbs to 43.6 percent, or a total of 22.3 million homeowners.

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