The negative equity situation continued to improve by wide margins in the U.S. housing market, according to CoreLogic’s latest research.

The U.S. housing market’s equity situation continued to improve in 2013’s first quarter, with roughly 850,000 homes returning to a state of positive equity on the strength of home-price increases, according to the latest equity report from CoreLogic.

As of the first quarter, there are 9.7 million mortgages in negative equity, or 19.8 percent of all residential properties with mortgages; that’s down from 11.4 million in 2012’s first quarter, and represents a 15 percent decline.

CoreLogic Negative Equity Report

Mark Fleming, the chief economist for CoreLogic, said that 1.7 million borrowers have returned to positive equity in the last year, though the home price gains propelling the equity markets may taper off in the coming months.

“The impressive home price gains of 2012 and the beginning of 2013 have had a big impact on the distribution of residential home equity,” Fleming said. “During the past year, 1.7 million borrowers have regained positive equity. We expect the pent-up supply that falling negative equity releases will moderate price gains in many of the fast-appreciating markets this spring.”

Here in Miami, the negative equity situation remained a bit more pronounced. With 40.7 percent of its properties still underwater, the Miami-Miami Beach-Kendall area has the second-highest rate of underwater homes in the nation, with only another Florida metropolitan area, Tampa-St. Petersburg-Clearwater, having a higher rate at 44.1 percent. Also, with 38.1 percent of its mortgaged properties underwater, Florida has the second-highest second highest level of negative equity among the 50 states, with Nevada in first place with 45.4 percent.

For further perspective on how the negative equity market has improved in the U.S., check out our infographic below: