Morning Minute: Fewer homeowners underwater on mortgages

Good news for the housing market — the number of homeowners who owe more on their homes than they are worth has dropped, according to a new report from CoreLogic. In the first quarter of 2012, 11.4 million, or 23.7 percent, of residential properties with a mortgage had negative equity, a decrease compared to the 12.1 million, or 25.2 percent, in the fourth quarter of 2011, CNN reports.

CoreLogic’s Chief Economist Mark Fleming called the improvement meaningful and in a news release said:

“Rebounding home prices, a healthier balance of real estate supply and demand, and a slowing share of distressed sales activity helped to reduce the negative equity share.”

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