Good news for those of you who bought or refinanced your home at the peak prior to the recession. CoreLogic reports that more homeowners are regaining positive equity and the Portland area is leading the recovery.Portland comes in 4th behind Dallas, Houston and Anaheim with the smallest share of mortgages that are under water. The Rose City saw 6.6% of all mortgaged homes with debt that exceeded it's value. The low number of underwater homes is the result of rapidly rising home prices in Portland which are relieving home-owners who bought or refinanced at the peak.
Since the first quarter of 2013, more than 3 million under water homeowners nation-wide bobbed to the top as home prices shot up. In the third quarter, 791,000 more residential properties moved into positive equity. But CoreLogic reported that there were still 6.4 million homes with underwater mortgages remaining, or 13 percent of all properties with a mortgage. That’s down from 14.7 percent in the second quarter.
Negative equity should decline even further in the coming quarters as the housing market continues to improve.
Find out more by clicking on the CoreLogic link: CoreLogic
I've been looking for information like this for quite a while and found your blog post. Thanks so much for the information.
ReplyDeleteResidential properties for sale in Marina Del Rey