In the first quarter, 254,000 properties regained equity, CoreLogic reported. The total number of mortgaged residential properties with negative equity is now at 5.1 million, or 10.2% of all mortgaged properties, down from 10.8% in the fourth quarter and 12.9% in the first quarter of 2014. Negative equity, often referred to as "underwater" or "upside down," refers to borrowers who owe more on their mortgages than their homes are worth. The national aggregate value of negative equity was $337.4 billion at the end of the first quarter.
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