Report: Phoenix home values continue to rise

PHOENIX - A report released Wednesday night shows the number of Phoenix homeowners who are underwater on their mortgages has fallen.

Zillow Negative Equity Report shows that nationwide, negative equity declined in the second quarter.

Of the top 30 markets that Zillow tracks, Phoenix and Miami saw the biggest drops in negative equity as home values rose substantially in those markets.

Zillow's report shows that Phoenix home values are up 13.4% from July of last year, the biggest increase out of the top 30 markets Zillow tracks, according to a news release.

Las Vegas continues to see the highest negative equity rate, with 68.5 percent of borrowers underwater.

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