The number of homeowners underwater on their mortgage continues to shrink as the amount of tappable home equity grows, Black Knight Financial Services found in its latest Mortgage Monitor report.

The number of homeowners in negative equity now stands at 2.2 million, the fewest since early 2007, which equates to a negative equity rate of just 4.4%. Over the course of 2016 alone, 1 million homes returned to positive equity, Black Knight reported Monday.

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