California's housing recession is showing some improvement: a decline in the number of borrowers who owe more on their homes than the homes are worth. But the numbers remain high.

Falling home prices in California, combined with a greater incidence of high loan-to-value ratios, led to a surge in such situations, called negative equity, in 1993.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.