4 Million Homes Return To Positive Equity

Dated: 03/08/2014

Views: 939

4 Million Homes Return to Positive Equity 

Rising home prices helped many home owners welcome the return of equity in their homes last year. In 2013, 4 million homes returned to positive equity, bringing the total to 42.7 million, CoreLogic reports in its fourth quarter 2013 equity report .Of the 42.7 million residential properties that now have positive equity, 10 million – or 21.1 percent – have less than 20 percent equity, CoreLogic reports. More than 1.6 million residential properties have less than 5 percent equity.About 6.5 million residential properties with a mortgage – or 13.3 percent – remained in negative equity territory by the end of 2013.“The plight of the underwater borrower has improved dramatically since negative equity peaked in December 2009 when more than 12 million mortgaged home owners were underwater,” says Mark Fleming, chief economist for CoreLogic. “Over the past four years, more than 5.5 million home owners have regained equity, reducing their risk of foreclosure and unlocking pent-up supply in the housing market.”The bulk of home equity for properties with a mortgage is concentrated at the higher-end of the housing market, with 92 percent of homes valued at more than $200,000 having equity compared to 81 percent of homes valued at less than $200,000, CoreLogic reports.Five states alone account for nearly 37 percent of the negative equity in the U.S. CoreLogic reports that the following five states have the highest percentage of mortgaged properties in negative equity:
  • Nevada: 30.4%
  • Florida: 28.1%
  • Arizona: 21.5%
  • Ohio: 19%
  • Illinois: 18.7%
Source: corelogic
Call Courtney Ramirez for your real estate needs. 520-252-9640

Click here for all the results

Want to Advertise on this Site?

Latest Blog Posts

Three Reasons Why PreApproval Is The First Step In The 2020 Homebuying Journey

When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory

Read More

How To Avoid A Gender Gap When Investing In The Housing Market

When buying a home, we all want to feel like we’re making the right decision, paying a fair price, and making the best investment of our lives. According to a recent gender-based

Read More

Strength Of The Economy Is Surprising The Experts

We’re currently in the longest economic recovery in U.S. history. That has caused some to ask experts to project when the next economic slowdown (recession) could occur. Two years ago, 67% of the

Read More

Sale Pending

Read More