CoreLogic: 8% of Springfield mortgages underwater

Real estate market tracker CoreLogic (NYSE: CLGX) reports 8 percent of Springfield homes with a mortgage are underwater, or in negative equity status.

In the Queen City, 5,614 of all residential properties with a mortgage were in negative equity as of the second quarter, compared to 10 percent, or 6,911 properties, in the first quarter. Additionally, 2.8 percent, or 1,989 residential properties, were near negative equity in the second quarter, compared to 3.9 percent, or 2,677 homes, in the first quarter this year, according to a news release.

In Missouri, 65,123 homes with mortgages were underwater as of the second quarter, and another 23,776 residents were near negative equity, defined as properties within 5 percent of a negative equity position.

Nationwide, roughly 5.3 million homes, or 10.7 percent of those with a mortgage, were underwater during the second quarter. Nearly 950,000 homes returned to positive equity, bringing the positive equity total to over 44 million, according to the release.

CoreLogic calculates the equity status of homes by comparing the estimated current value of the property against outstanding mortgage debt. If the outstanding debt is greater than the estimated value, the property is in negative equity status. Positive equity means the home's estimated value is greater than its outstanding mortgage debt, according to CoreLogic.