The number of underwater homeowners, those owing more on their home than it is worth, fell at its fastest pace ever in the third quarter, dropping to 21 percent of all homeowners with a mortgage, according to Zillow. Roughly 10.8 million American homeowners were underwater at the end of the third quarter, down more than 4.9 million from the peak in the first quarter of 2012.
As home values rise, negative equity falls. At the end of the third quarter, national home values rose at a 6.4 percent annual pace, which helped free roughly 1.4 million homeowners nationwide from negative equity during the three-month period from July through September. Over the past year, the number of homeowners with negative equity has generally fallen fastest in states in the West and Southwest.
Below are the top 10 states where the percent change in the number of homeowners with negative equity has fallen the most over the past year....
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