The number of residential mortgages in the Wichita area considered to be “underwater,” having a loan higher than the property is worth, continued to hold relatively steady in the third quarter, according to real estate data firm CoreLogic.
The company said 4,143 area residential properties were underwater, 4.2 percent of all outstanding mortgages. That compared to 4,277 properties, or 4.3 percent in the second quarter. In the third quarter of 2013, the percentage was 4 percent.
An additional 1,758 Wichita area residences were nearly underwater in the third quarter, down slightly from 1,881 in second quarter.
Wichita compares well to the nation, where about 5.1 million homes, or 10.3 percent of all residential properties with a mortgage, were still underwater in the third quarter, according to CoreLogic.
Being underwater, also called negative equity, occurs because of a decline in home value, an increase in mortgage debt or both.