Number of Wichita homes worth less than their mortgage continues to decline

In the second quarter, 4,068 Wichita area homes, or 4.1 percent of those with mortgages, were “underwater,” meaning the amount owed exceeded the value of the home, according to real estate firm CoreLogic.

An additional 1,818 Wichita area homes were nearly underwater for the quarter.

Both numbers are down significantly from the first quarter, when 5,460 properties, or 5.5 percent of all homes with a mortgage, were underwater and another 2,629 were nearly underwater.

The nation is in the midst of a slow-moving housing recovery. Nationally, 10.7 percent of all homes were still underwater for the quarter, down from 12.7 percent in the first quarter and 14.9 percent in last quarter of 2013.

The Wichita area, like the rest of the nation, saw a surge in homes bought with little or no equity in the early 2000s. And when the housing bubble burst, home values dropped. Home prices have been on the upswing for the past few years.

This story was originally published September 26, 2014 at 10:42 AM with the headline "Number of Wichita homes worth less than their mortgage continues to decline."