Residential lenders saw improvement in their collective equity position as more underwater borrowers moved to a positive-equity position.
As of the end of the first quarter, there were approximately 50 million home loans outstanding for $8.841 trillion.
Mortgages outstanding stood at $8.799 trillion as of the end of last year and $8.636 trillion at the same point last year.
The housing statistics were reported Tuesday by CoreLogic Inc.
The country’s collective loan-to-value ratio was 58.8 percent as of the most recent date.
The average LTV improved from 59.7 percent at the end of the fourth-quarter 2014 and 61.1 percent at the end of the first-quarter 2014.
Average LTV ratios were highest in Nevada at 73.1 percent.
After that was 71.3 percent in Arkansas, then 70.1 percent in Ohio, 66.3 percent in Florida and 68.0 percent in Illinois.
Hawaii’s 44.5 percent was lowest.
As of March 31, there were around 5.1 million properties with loan-to-values of in excess of 100 percent.
That was 10.2 percent of all financed properties and 254,000 fewer negative-equity loans than at the end of last year.
As of March 31, 2014, there were 6.3 million upside-down borrowers.
The dollar value of negative equity as of the end of the first-quarter 2015 was $337 billion, down from $349 billion from three months earlier and
$388 billion a year earlier.