Fewer Twin Cities homes under water on mortgages

Fewer Twin Cities homeowners were underwater on their mortgages in the second quarter of the year.

The real estate data firm CoreLogic says the share of underwater Twin Cities homes dropped to 8 percent in the second quarter, down from 13 percent in the same period last year.

A home is considered "under water" when the borrower owes more on the mortgage than the home is worth.

Nationally, rising home values also boosted homeowners' equity. When homeowners have positive equity in their properties, they have an easier time selling their homes or refinancing existing mortgages.

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