MILWAUKEE (WTAQ) - Almost one of every seven Wisconsin homeowners were underwater on their mortgages between July and September of last year.
That’s according to a new report from CoreLogic, a business research firm.
It said almost 15.5 percent of Wisconsin homeowners owed more on their mortgages than what their properties were worth in the third quarter of 2012.
The state’s underwater rate is lower than the national figure of 22 percent. And in Metro Milwaukee, just over 54,000 properties were underwater in the third quarter, or 22.1 percent. That’s four-tenths of a point lower than in the second quarter of last year.
Anand Nallathambi, the CEO of CoreLogic, said there’s been steady progress in reducing negative equity – but with a quarter of homeowners still underwater, there’s a long way to go.