Over the last 12 months, the number of underwater mortgages in the U.S. has fallen 35 percent, According to the Mortgage Monitor report released by Black Knight Financial Services this morning. It dropped 16 percent in just the first quarter of 2017.
In total, 1.8 million American homeowners currently owe more on their home loans than their property is worth. Though this is the first time the number has dropped below 2 million since 2006, it’s still much higher than pre-crisis levels. At the end of 2005, just 750,000 borrowers owed more than their home was worth.