According to numbers released by CoreLogic, about 22.3% of homeowners with mortgages were underwater at the end of the second quarter this year. This number is still high, but it is down from 23.7% at the end of the first quarter of the year.
On the positive side, 1.3 million borrowers moved to being above water on their mortgages in the first half of the year but still 27% of mortgage holders were considered to be underwater or near underwater at the end of the first half of the year.
Another interesting fact is that people that purchased a home for under $200,000 are the most underwater on their mortgages with 32% while only 17% of people with homes purchased over $200,000 are upside down on their mortgages.
According to CoreLogic, just another 5% increase in home sales prices would dramatically lower the amount of homeowners that are underwater on their mortgages.