Almost one in three mortgaged homes in the U.S. — representing 15.2 million loans — now has negative equity, according to a new report issued by First American CoreLogic (FACL).

FACL says 32.2% of mortgages have negative equity (under water loans) compared to 32.5% in March. However, just because a loan is under water that doesn't necessarily mean it will go into default.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.