More Phoenix Homeowners Have Equity Now

Fewer metro Phoenix homeowners are underwater now, according to a report released today by real estate research firm CoreLogic.

Approximately 19.5 percent of the Valley's homeowners owed more than their house is worth as of June 30, down from 21 percent at the end of this year's first quarter.

At the worst of the housing crash, more than 40 percent of metro Phoenix homeowners were underwater.

Another big drop in the Valley's rate of underwater homeowners won't come again this year. Home sales have slowed and so have the area's price increases.

But on the bright side, Arizona is faring much better than other states hurt most by the housing crash with about 19 percent of homeowners underwater. In Nevada, 26.3 percent of homeowners still can't sell for a profit. In Florida, the rate is 24.3 percent.

Written by Catherine Rigor, The Republic|azcentral.com