A new report finds fewer homeowners in the Sacramento area owe more than what their home is worth...sometimes referred to as being "underwater."
The data show a little more than 8 percent of Sacramento area homeowners were underwater between April and June; down 4 percent from the same period last year. Daren Blomquist is with the research firm that released the numbers - ATTOM Data Solutions.
"It was stubbornly above that 10 percent level up through the end of 2015," says Blomquist. "And now we're seeing that number drop below 10 percent over the last two quarters."
Blomquist points out that four years ago, nearly 30 percent of homeowners were underwater.
The data also show a six-percent annual increase in the number of Sacramento area homeowners who are equity rich, meaning they have at least 50 percent equity in their homes.
"There's actually 155,000 homeowners we classify in the Sacramento area as equity rich which is 27 percent of all homeowners in the market," says Blomquist."