24/7 Wall St.

Rising home prices have floated 9.7 million homeowners with underwater mortgages back into a positive equity position in the past year. But 19.8% of all residential properties remained underwater at the end of the first quarter of 2013, with homeowners owing more on their mortgages than the property is currently worth.

If home prices improve by 5%, another 1.6 million homeowners will regain positive equity.

The data was released today by research firm CoreLogic Inc. (NYSE: CLGX).

Another 11.2 million properties have positive equity below 20%, meaning that of 39 million properties with positive equity and 11.8 million properties underwater or with less than 20% equity, nearly 45% of all properties remain in jeopardy.

CoreLogic’s CEO noted:

The negative equity burden continues to recede across the country thanks largely to rising home prices. We are still far below peak home price levels, but tight supplies in many areas, coupled with continued demand for single family homes, should help us close the gap.

The five metropolitan areas with the highest percentage of properties with negative equity are Tampa-St. Petersburg, Fla. (41.4%), Miami (40.7%), Atlanta (34.5%), Chicago (34.2%) and Warren-Troy, Mich. (33.6%).

The five with the highest percentage in positive equity are Dallas (91.7%), Houston (91%), Nassau-Suffolk, N.Y. (90.8%), Philadelphia (90.4%) and New York (89%).

Among other notable data points from the report:

• Average loan-to-value ratio is 67.2%.
• Total properties equal 48.69 million.
• Aggregate value of negative equity totals $580 billion.