According to statistics compiled by Zillow, the percentage of Denver homeowners underwater (owing more on their mortgage than their home is worth) fell to 5.5 percent in the latest quarter from 8.2 percent a year earlier.
In September, it was reported that 6 percent of Denver homeowners were underwater in their mortgages.
Only San Jose, California (3 percent) and San Francisco (4.7 percent) had smaller percentages of homeowners underwater on their mortgages.
Nationally, the U.S. negative equity rate dropped a full percentage point in the third quarter of 2015, from 14.4 percent to 13.4.
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