New data from CoreLogic shows a slight decline in residential negative equity at the end of the first quarter of 2010, down about 100,000 homes from the fourth quarter of 2009.
An additional 2.3 million borrowers had less than 5 percent equity, the research firm reports. Together, negative equity and near-negative equity mortgages accounted for more than 28 percent of all mortgaged residential properties nationwide.
In Wichita, 7.6 percent, or 6,773 residential mortgages, were in negative equity for the first quarter of 2010. An additional 4.3 percent, or 3,871, were nearing negative equity in Wichita.
Negative equity continues to be concentrated in five states: Nevada, with 70 percent of all mortgages in the negative, Arizona, Florida, Michigan and California.