The number of Wichita area homes financially underwater dropped in the second quarter, according to the CoreLogic.
The Wichita area had 6,133 homes — 6.5 percent of homes with a mortgage — that were worth less than their outstanding mortgage. This happens when the value of the house drops after purchase.
That’s an improvement over the 6,913 properties, or 7.4 percent of mortgaged homes, underwater in the first quarter of 2012.
An additional 3.6 percent, or 3,420 residential properties, were nearly underwater in the second quarter compared to 4.1 percent, or 3,776, in first quarter.
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The owners of homes that are underwater are not building equity in the property and are more likely to abandon the house and the loan.